Current location:politics >>
Target starts price war with Walmart by slashing the cost of 5,000 popular items
politics2544People 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.“Cultural Currents news portal”。http://zambia.boluescortbayan.net/content-62d999129.html
Related articles
One Extraordinary Photo: How a photographer elevated a photo of star Greta Gerwig in a flash
politicsCANNES, France (AP) — Daniel Cole, a freelance photographer who does extensive work for The Associat ...
【politics】
Read more'Catch
politicsNEW YORK (AP) — A longtime tabloid publisher was expected Tuesday to tell jurors about his efforts t ...
【politics】
Read moreCar ploughs into primary school and sparks mass evacuation of pupils
politicsA car has ploughed into a primary school building sparking a mass evacuation of the pupils.The crash ...
【politics】
Read more
Popular articles
- Caglianone and Shelton have 4 RBIs apiece, Florida beats Nebraska 17
- Chinese readers find new passion for scientific literature
- Bo Bichette has 3
- Suárez runs shutout streak to 25 innings as Phillies blank Reds 7
- Nick Loftin lifts Royals over Padres in a 4
- Kennedy family endorses Biden in effort to deflate RFK Jr.'s candidacy
Latest articles
No one at the French Open loves it when matches go past 3 a.m. And no one can agree on a solution
'Openly Jewish' charity chief says Met boss Mark Rowley has 'failed abjectly' to stand up for Jews
Robert F. Kennedy Jr. secures ballot access in Michigan
China celebrates 30 years of internet access, boasting over 1 billion users
Baltimore's Mateo enters concussion protocol after being hit by teammate's bat at on
Lady Amelia Windsor wows in lace slip dress as she attends Earth Day dinner in London
LINKS
- Brandon Nimmo's 3
- Symposium on compilation of Xi Jinping's financial discourses held in Beijing
- Kendall Jenner puts on a VERY cheeky display in a semi
- South China to experience above average rainfall in May 2024
- Anya Taylor
- Chinese New Year: Conveying a message of unity and hope
- Met Gala 2024: Jodie Turner
- 2024 Met Gala: Cara Delevingne flashes her abs in a quirky hooded garment adorned with glitzy gems
- Met Gala 2024: Jodie Turner
- Avalanche got legs under them in another comeback to beat fading Stars in 2nd