Target has announced plans to lower prices on around 5,000 frequently shopped items over the summer.
The price drops, which have already been implemented, aim to save consumers money on household staples such as milk, fresh fruit, diapers, and pet food.
The big picture: The changes affect both name brands and Target’s house brands, with examples including a reduction in the price of Clorox wipes and unsalted butter from the Good & Gather brand.
- Other major retailers like Ikea and Aldi have also been lowering prices in recent months to attract consumers amidst rising inflation.
- The new prices will be displayed in-store with red tags and online at Target.com and the Target app.
Go deeper: Target’s decision to lower prices comes as retail sales growth has been impacted by high prices and reduced consumer spending.
- The price cuts are part of Target’s efforts to reverse a decline in sales and address the challenges posed by a challenging 2024 outlook.
- Target recently launched a new house brand called Dealworthy to compete with dollar stores and Walmart, offering budget-friendly items ranging from phone chargers to disposable plates.
