Current location:Global Gatherings news portal > business
Target starts price war with Walmart by slashing the cost of 5,000 popular items
Global Gatherings news portal2024-05-21 23:08:43【business】4People 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.
Address of this article:http://gabon.arnoldview.org/article-28e399663.html
Very good!(4214)
Related articles
- Jude Bellingham's new model girlfriend Laura Celia Valk looks sensational in a figure
- 'No realistic possibility' foreign agency will reveal if spy system used for war
- Cancer patients' travel funding boost: 'Important no one falling through the gap'
- Hong Kong police arrest four over social media posts
- China vows to actively promote restoration of int'l flights
- Chinese dissident artist Ai Weiwei protests possible extradition of Julian Assange in London
- Japan's lunar craft lands successfully but can't generate solar power
- Colonial statues vandalised ahead of contentious Australia Day holiday
- It's no wonder parents are taking their children on holiday during term time! Sky
- South China Sea News: Naval base expansion 'gives China more power in disputed sea'
Popular articles
Recommended
This Week: Home sales, Fed meeting minutes and consumer sentiment index
You don’t have to go full vegetarian to reduce your carbon footprint
US and UK launch fresh strikes on Houthis in Yemen
Colonial statues vandalised ahead of contentious Australia Day holiday
Jon Wysocki dead at 53: Staind drummer passes away
Ministry of Ethnic Communities, set up to 'heal wounds' of 15 March, faces job cuts
Olivia Munn's breast cancer diagnosis raising awareness for women to seek additional screening
Labour Party says use of Andrew Tate image in Instagram post a mistake
Links
- Russell Wilson and Ciara 'close sale of Seattle mansion, raking in $31M for six
- Top tennis players say they're playing too much because the tournaments are too long
- Innocent woman in her 30s suffers 'non life
- PGA CHAMPIONSHIP '24: Looking back at Tiger Woods and key anniversaries
- Mbappé farewells the French league when PSG visits Metz in final round
- Police dismantle pro
- Beauty fans go wild for £25 'magic' lightweight moisturiser that's winning 5 star reviews
- Ludvig Aberg aims to build on his Masters runner
- Angel Reese's WNBA debut ends in defeat
- Timbers rally to beat San Jose 4