Current location:politics >>
Target starts price war with Walmart by slashing the cost of 5,000 popular items
politics354People have gathered around
IntroductionTarget will be lowering prices on at least 5,000 frequently bought products ranging from milk to dia ...
Target will be lowering prices on at least 5,000 frequently bought products ranging from milk to diapers as the big-box retailer looks to win customers from Walmart.
High food prices and borrowing costs have made cash-crunched customers more conscious of their spending and instead look for cheaper products in stores and online, forcing retailers to lower prices to get more consumers to their stores.
Target also faces stiff competition from larger rival Walmart, which already offers products at lower prices, and last week signaled a resilient U.S. shopper, betting on easing inflationary concerns.
'We know consumers are feeling pressured to make the most of their budget,' said Rick Gomez, Target's chief food, essentials and beauty officer.
Other key food items including meat, bread, fresh fruit and vegetables will be discounted going into Memorial Day weekend. Soda, various snacks and yogurts will also go down in price, Target said.
Target is slashing the price of items such as meat, fruit, vegetables, snacks, pet foods and more
As earnings season begins to wind down, Target is reporting its quarterly results Wednesday and appears to making a bet on price cuts contributing to a positive outlook going forward.
Target's stock is up nearly 12 percent year to date and the retailer said its already made 1,500 items cheaper, including frozen chicken breast and shredded cheese, with more price cuts coming throughout the summer.
The discounts will be spread out across dozens of national brands as well as Target's own brands, the company said - adding that these newest discounts are on top of price cuts it had already planned going into Memorial Day weekend.
Target Circle Card members will get an additional 5 percent discount at checkout and will be offered exclusive deals throughout the year.
At a time when people's savings accounts are drying up post-pandemic, many companies are taking gambles by offering special, limited time deals to appeal to cash-strapped Americans.
McDonald's just debuted a $5 meal bundle for the summer, and Wendy's is heavily promoting their 50-nugget bucket.
Target is deploying new scanners to combat theft at its self-checkout machines, which will roll out to all stores by the end of the year. It's also now limiting self-checkout customers to 10 items or fewer
This comes as the U.S. Department of Agriculture estimated that there were 17 million households that struggled to afford food in 2022, which was a 2.6 percent increase from the year prior.
The consumer price index, which measures inflation, peaked at 9.1 percent in June 2022 and declined all throughout 2023.
Price growth is still higher than it was before the pandemic, clocking in at 3.4 percent as of April 2024.
While companies try to appeal to customers dealing with stubbornly high prices, they also have to contend with rising retail theft.
In major cities like New York City and Los Angeles, shoplifting is up more than 60 percent.
Major retailers are responding in a variety of ways, with Target recently cracking downs on self-checkout because of its unique vulnerability to stealing.
Shoppers are now only allowed to bring 10 items to the self checkout scanner at Target.
Target is also deploying new scanners at its self-checkout machines, which will roll out to all stores by the end of the year.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Planet Profile news portal”。http://saintkittsandnevis.olivelawfirm.net/content-06c499952.html
Related articles
Jessica Biel CHOPS her long locks into a bob after book signing in Studio City
politicsJessica Biel unveiled a dramatic hair transformation - from chest-length locks to a short bob - on S ...
【politics】
Read moreBLM founder is arrested at court after confronting cop with vile tirade and threats
politicsThe founder of Black Lives Matter Greater NY was arrested at a Bronx courthouse after being involved...
【politics】
Read moreProtests are planned in Serbia against a real estate project financed by Trump's son
politicsBELGRADE, Serbia (AP) — Opposition groups in Serbia are planning protests against a real estate deve ...
【politics】
Read more
Popular articles
- Trump film shocks Cannes as former US President is depicted 'raping' his then
- A new Democratic ad campaign targets one of Trump's most loyal blocs: Rural voters
- Yemen's Houthi rebels claim shooting down another US MQ
- Meghan and Prince Harry 'are planning to do more royal
- Mohammad Mokhber: Who is Iran’s acting president?
- SAS legend Chris Ryan warns Britain needs a bigger 'professional Army
Latest articles
I visited the most crowded island on Earth
Kim's sister denies North Korea has supplied weapons to Russia
Texas pardons US Army sergeant Daniel Perry who was convicted of murder for shooting AK
Global obesity deaths rise by 50 percent since 2000, major report shows
Xander Schauffele gets validation and records with one memorable putt at PGA Championship
Senior teacher at William and Harry's £27,000
LINKS
- Woman, 38, screamed 'my leg, my leg' after being hit by stray bullet in Stamford Hill 'drive
- Europe on the edge as assassination attempt on pro
- China and Cambodia begin 15
- Texas man accused of killing New Mexico women and kidnapping an infant faces federal charge
- 42 rescued and 3 still missing after migrant boat sends distress signal south of Greece
- How the geomagnetic storm that hit Earth last week could unleash wave of hurricanes
- Bipartisan Senate group urges $32 billion in emergency spending on artificial intelligence
- Robert Fico: Slovakian leader is in stable but serious condition, hospital says
- North Carolina lawmakers push bill to ban most public mask wearing, citing crime
- 'Love triangle' row over a woman saw man, 37, stabbed to death by his rival, 43, in front of a seven