Target will slash prices on at least 5,000 of the store’s most frequently bought items in an effort to entice penny-pinching customers weighed down by soaring levels of inflation.
Shoppers who flock to Target will end up paying less for products such as milk, meat, bread, soda, fresh fruit and vegetables, according to the company.
Coffee, diapers, paper towels and pet food will also be available for purchase at reduced cost.
“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, Target.
“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, which is set to report its first-quarter results on Wednesday, said it had currently cut prices on about 1,500 items including frozen chicken breast and shredded cheese among others, with more planned to take effect over the course of summer.
The company said that a pound of its unsalted butter produced by its own brand, Good & Gather, will cost $3.79 — down from $3.99.
A five-ounce bag of Good & Gather organic baby spinach, which once cost $3.29, would now cost $2.99.
A 16-count container of Huggies baby wipes that went for $1.19 will now cost $0.99, according to the company.
A 20-ounce bag of Thomas’ Plain Bagels which previously went for $4.19 will now be priced at $3.79.
Target is facing intense competition in retail.
Last week, Walmart, which is famous for offering its products at low prices, raised its full-year forecast and reported better-than-expected quarterly results.
While Americans have generally managed to navigate through higher prices, prolonged inflation has sparked worries that lower-income consumers might be more pressured and potentially slow down an anticipated recovery in spending.
Walmart executives said that lower-income consumers maintained their spending habits in the quarter but tended to prioritize less-expensive items.
They also noted that the price gap between eating at home and dining outside had increased, boosting its grocery business, which accounts for about 60% of total revenues.
Consumer prices rose less than expected in April, but domestic demand has shown signs of cooling as Americans struggle with higher rents, gas prices and car insurance premiums.
In the 12 months through April, the consumer price index was up 3.4%, according to Bureau of Labor Statistics data released on Wednesday, though far below the 9.1% pace hit in June 2022.
With Post wires
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