Target is lowering prices on 5,000 essential items as inflation weighs on shoppers
Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street will be keeping an eye out for minutes from the Federal Reserve’s May meeting. The CME’s Fed Watch tool currently predicts a more than 96% chance of the Central bank keeping interest rates unchanged in June. And the earnings parade continues this week, with investors looking ahead to earnings from names like Nvidia and Target.
And sticking with Target – the big box retailer is slashing prices on 5,000 items in a bid to lure back shoppers. The retailer says it has already cut prices on 1,500 items, with more coming over the course of the Summer.
Unlike other retailers like Walmart, Target’s store-sales have slumped since the pandemic drove shoppers to buy most of their items online. In fact, its overall sales fell last year for the first time since 2016 – and the company predicted this year will be another slow one.
In a statement, Target’s chief food, essentials, and beauty officer said, “We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” particularly those “consumers that shop Target each week for their everyday needs.”
In its release, Target revealed the lower prices will be applied to both name-brand products, as well as Target’s own labels, and could include meat, fresh produce, paper towels, diapers and more.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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