Are you sure about that? I just returned something I bought online (not even in stores) and it had been reduced but I got the price on my reciept.
According to store policy I saw in the summer, "seasonal" returns, with receipts, are refunded at the clearance price. That's why I didn't buy any of my pool stuff there. Target has NO flexibility in returns.
I don't think Wal Mart posts that you are "allowed" three returns without receipt - their policy is that you must have a receipt to return an item. The no receipt policy is an exception to that... and they will take returns after you've exceeded that number, with a supervisor approval.