Just in time for my birthday, retailer Walmart is shaving $72 off the entry-level iPhone 5 with sixteen gigabytes of storage. Beginning December 17, you’ll be able to purchase the device for just $127, that’s $22 less than the lowest price we could find at RadioShack, Target and Best Buy, which all offer Apple’s phone with a cool $50 discount (and some gift cards). Walmart is also offering the previous-generation iPhone 4S for just $47 and a fourth-generation iPad for $399, a $100 saving…

Walmart’s prices are valid with a two-year contract on AT&T, Verizon or Sprint, and in-store only. The iPhone 4S used to be $89.97, now it’s only $47, also with a two-year service agreement.

And if you happen to be in the market for an iPad, the $399 deal for the 16GB Wi-Fi-only iPad 4 comes with a $30 iTunes Gift Card, according to 9to5Mac.

The blog has learned that Target is also planning a similar promotion:

Target plans to offer an Apple product sale, as well, starting December 16. It will discount Virgin Mobile’s Prepaid 16GB iPhone 4S from $449.99 to $399.99, but the deal is only available in-store at Target Mobile locations.

The Target deal is also valid in-store only and represents a nice opportunity to buy an off-contract iPhone 4S with a notable discount.

If you’re looking for an even lower price than a $127 Walmart iPhone 5, consider a refurbished iPhone 5 which over at AT&T starts at just $99, though quantities are fairly limited.