OAN Staff James Myers
9:10am – Tuesday, October 22, 2024
Target is lowering prices on more than 2,000 items across a variety of categories to provide additional discounts to customers in financial need as the holiday season approaches.
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The giant retail chain announced Tuesday that price increases will be applied to some food and beverages, household goods, holiday gifts and items to prepare your home for the holidays.
“We know families look forward to celebrating the holidays, so Target offers a wide selection of great products at even lower prices to help families find joy without compromise. “We are committed to doing so,” said Rick Gomez, Target's executive vice president and chief commercial officer. statement. “From meal prep and gifts to everyday essentials, Target offers exceptional value that makes it even easier for everyone who enjoys the magic of the season to save money.”
Price reductions have already begun to take effect in stores across the United States. You can also view discounted products online target.com The company says it's also available in the Target app.
The latest price cuts come after Target cut prices on about 5,000 items in May, and the company claims that number has grown to 8,000 items.
In addition, the chain announced Tuesday that approximately 10,000 items will be reduced in price in 2024 by the end of the year.
Jack Kleinhenz, chief economist at the National Retail Federation (NRF), predicted that consumers will “become more cautious in their spending.”
Additionally, the company's staples and food and beverage categories saw consumer spending growth last quarter, indicating that “consumers are responding to our products in a value-driven environment,” Target's Brian Cornell said. said the CEO.
Target has listed below examples of items that will be reduced.
- Chrisco Vegetable Oil (40 fl oz) for $4.79 (down from $5.29)
- Coffee Mate Natural Bliss Sweet Cream Creamer (32 fl oz) Currently $4.99 (down from $5.29)
- Magic Bullet Personal Blender Set now $39.99 (down from $49.99)
- Purina Tidy Cats Litter (25 lbs.) Currently $7.79 (down from $8.59)
- up&up Daytime Cold and Flu Relief Softgels (24 Count) Now $5.99 (down from $6.99)
- LEGO Technic 2022 Ford GT Car Model Set now $95.99 (down from $119.99)
- Bluey Fire Truck now $19.99 (down from $24.99)
Meanwhile, Target rival Walmart has also issued 7,200 rollbacks in several different categories over the past few months, including a 35% increase in the number of food rollbacks.
Last quarter, Walmart lured shoppers with more discounts and beat Wall Street expectations.
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