Target Cutting Prices Amid Inflation Concerns

Target dealworthy products | Image by Target

Target will lower prices on nearly 5,000 basic goods this summer in an effort to save consumers millions of dollars.

The retail company has already cut prices on 1,500 items, according to a press release. The new price reductions are in addition to the company’s everyday low prices and other discounts, such as holiday sales.

“We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” said Rick Gomez, executive vice president and chief food, essentials and beauty officer. “Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs.”

Target said that the affected items include milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food, and more.

“Consumers will find reduced prices on everyday items needed to run their households and maximize their budgets, especially as they stock up for Memorial Day, Fourth of July and back-to-school and back-to-college season,” reads the press release.

The price reductions will apply to many national brands, as well as some of Target’s own brands, including Good & Gather and Everspring. The lower prices will be available in-store and online, including on the Target app, using “easy-to-see red tags.”

Shoppers can also save 5% if they use a Target Circle Card.

In January, Target launched a new collection, dealworthy, that includes a variety of products from electronics to clothes, with most items priced at less than $10. The collection includes nearly 400 items in an attempt to offer more budget-friendly options to consumers. The retailer also recently relaunched an expanded version of its everyday essentials brand up&up, featuring more than 2,000 items, with most under $15.

In March, Target reported a decline in annual sales (1.7%) for the first time in seven years, according to NBC 5 DFW.

Target is one of several retailers seeking to create solutions for customers who are closely monitoring their household budgets amid inflation concerns. McDonald’s announced last week that it plans to create $5 meal deals to counter consumer complaints over higher prices, reported NBC 5. Earlier this month, Aldi said it would reduce prices on several summer essentials, such as barbeque and picnic necessities, as reported by Fox 4 KDFW.

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