Apple's iPhone 5.

(Credit: Apple)

Walmart is apparently quite eager to get shoppers in its doors and is now selling the iPhone 5 for $72 less than Apple's retail price.

The retailer today said it would be selling the iPhone 5 for $127 with a new 2-year contract, or to customers who are eligible for an upgrade through their carrier. Walmart also dropped the price of last year's iPhone 4S down to $47 from its previous $87.97 price tag, which also requires a carrier contract.

9to5Mac, which reported on the price changes earlier today, notes that the third-generation iPad (a generation behind the current model) is also on sale for $399. Walmart also plans to throw in a $30 Walmart gift card to iPad buyers who purchase on Monday, December 17.

Walmart says the details are available only in its retail store, and not online.

The sale comes just a few days after retailer Best Buy shaved $50 off the price of both phones, a sale that runs through January 5.