TARGET is slashing prices and introducing new products in a bid to rival is competitor, Walmart. Customers will notice the difference in the aisles this summer . Target has cut prices on 1,500 products and expects to discount thousands more over the summer as the retailer targets cash-strapped Americans.
At the same time, the retailer is leaning into its private label offering with its Favorite Day and Good and Gather Brands. This week, Target announced it would slash prices on 5,000 products by the end of summer. These include essential staples like bread, milk, peanut butter, and diapers.
Around 1,500 price tags have already been reduced, mostly on its Good & Gather and Everspring branded products. Rick Gomez, executive vice president and chief food, essentials, and beauty officer at Target, said the retailer understands the financial difficulty many Americans are facing. "We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more.
"Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs.” The U.S.
Sun compared prices for five essentials at the two grocery stores in Chicago, Illinois Sales were down at Target for the first quarter of 2024, with the company citing consumer caution. The Consumer Price Index , which tracks inflation , rose 3.4% over t.