Target cuts prices on 5000 essential items - ForumDaily
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Target cuts prices on 5000 essential items

Target has already slashed prices on more than 1500 popular items, from butter to laundry detergent. The retailer is trying to attract customers who are scared off by high prices, reports CNN.

Exterior view of Target chain store in Minnetonka, Minnesota.

Photo: iStock.com/jimkruger

Prices began to fall on May 20, and over the summer they will be reduced by a total of 5000 items.

As stated in company, this is to "collectively save consumers millions of dollars" on household and everyday items such as milk, fresh fruit, diapers and even pet food.

What will become cheaper

The changes will affect big-name brands such as Clorox, Prime energy drinks and proprietary brands. Although prices vary by city, Target gave several examples. For example, a 75-pack of Clorox wipes will drop from $5,79 to $4,99, and one pound of Good & Gather brand unsalted butter will drop to $3,79 from $3,99.

On the subject: Seven products we overpay for at Costco that are cheaper at other supermarkets

Other major retailers such as Ikea and Aldi have also been cutting prices in recent months to lure consumers back into stores and encourage them to spend as many Americans cut back on their spending due to inflation.

Inflation has scared away buyers

Costs are 20% to 30% higher than three years ago, and revenues are not keeping pace, Sarah Wyeth, managing director for retail and consumer at S&P Global Ratings, said recently.

Retail sales growth has been hit by high prices.

Spending fell short of the 0,4% rise economists had forecast in April, according to FactSet.

The figures are adjusted for seasonality, but not inflation. For comparison: a year ago, retail sales grew by 3%.

For Target, the price cuts are an attempt to boost sales, which fell last year for the first time since 2016 amid a projected sluggish 2024.

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Like other major supermarkets, Target's business slowed as shoppers stocked up on items in its stores and online during the height of the pandemic in 2020 and 2021.

Target's core middle-class customer base has faced tension over high prices and has moved away from non-essential items such as home decor, electronics and non-essential clothing.

In response, Target recently created a new in-house brand called Dealworthy to compete with other stores and Walmart. The budget line consists of 400 items: from phone chargers to disposable plates and even underwear.

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In the U.S. Target
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