Target will be lowering prices on at least 5,000 frequently shopped products across its assortment ranging from meat to diapers, as it looks to attract budget-stretched customers, Reuters reports.
High food prices and borrowing costs have made cash-crunched customers more conscious of their spending on pricey items, the company said. This is causing more shoppers to look for cheaper products in stores and online, forcing retailers to lower prices to get more consumers to their stores, Reuters reports.
Target rival Walmart already offers products at lower prices, and last week signaled a resilient U.S. shopper, betting on easing inflationary concerns., the article said
Consumers are feeling pressured to make the most of their budget, explained Rick Gomez, chief food, essentials and beauty officer at Target, in a statement.
Target also plans to drop prices on items such as milk, bread, soda, fresh fruit and vegetables, snacks and yogurt in markets ranging from Phoenix and Minneapolis to New Orleans and Baltimore, the company said.
Price cuts will be found across dozens of national brands as well as Target’s own private brands. The company noted this is in addition to discounts it planned to offer across its stores as part of Memorial Day celebrations.
Target will report its first-quarter results on May 22.
