Current location:travel >>
Target starts price war with Walmart by slashing the cost of 5,000 popular items
travel38696People 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.“Starry Scope news portal”。http://philippines.argoasecurityeu.com/news-39c599431.html
Related articles
The fightback begins: Boss of London's Queen Mary University tells pro
travelA university boss has been praised after telling a pro-Gaza student mob he will not meet them until ...
【travel】
Read moreHaitians break taboo on mental health services after violence traumatize kids
travelPORT-AU-PRINCE, Haiti (AP) — Students often throw up or wet themselves when gunfire erupts outside t ...
【travel】
Read moreDoomsday prepper reveals what it is really like to live off
travelA doomsday prepper has revealed what it is really like to live off-grid in the desert after buying a ...
【travel】
Read more
Popular articles
- Rays opening day starter Zach Eflin placed on 15
- Short drives in go
- Haitians break taboo on mental health services after violence traumatize kids
- Melinda French Gates resigns from Gates Foundation
- National Television Awards 2024 nominations: Michelle Keegan and Leo Woodall go head
- Feds accuse Rhode Island of warehousing kids with mental health, developmental disabilities
Latest articles
Candice Swanepoel wows in a shimmering black flared jumpsuit as she joins ab
Closing prices for crude oil, gold and other commodities
Van driver dies in rear
US energy panel approves rule to expand transmission of renewable power
Not so Cool Britannia! Noel Gallagher gives damning verdict on Keir Starmer
Chinese yuan weakens to 7.1030 against USD Monday
LINKS
- Multiple places in C.China’s Henan suspend classes, transportation due to continuous snowfall
- Guideline unveiled to make public use of autonomous driving vehicles safer
- Beijing, Hebei province brace for forecast snow
- Chinese armed forces deploy multiple rescue forces in response to Gansu earthquake
- Former ICBC discipline chief arrested for suspected bribery
- Beijing, Hebei province brace for forecast snow
- Prefab houses for quake
- Feature: Blind engineer opens up new vistas with computer game design
- Over 1,900 criminal rings busted as China intensifies crackdown on gang crimes
- Former desert land transformed into oasis for relocated villagers