Current location:Earth Enigma news portal > style
Target starts price war with Walmart by slashing the cost of 5,000 popular items
Earth Enigma news portal2024-05-22 04:19:21【style】3People 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://greece.chongwenmenhotelbeijing.com/article-06f799251.html
Very good!(4)
Related articles
- Kosovo prepares a new draft law on renting prison cells to Denmark after the first proposal failed
- Huang Xiaowei Promotes Guiding Principles of Key CPC Congress at CWU
- ACWF President Stresses Women's Role in Promoting Sci
- ACWF, China Media Group and Ministry of Education Co
- Seven sneaky clauses in estate agent contracts that can cost you dear
- China Making Great Strides in Women's Cause
- ACWF and UN Women Working Hand in Hand, Supporting Women in Coping with COVID
- Modern agricultural technologies aid sugarcane planting in south China
- Candice Swanepoel wows in a shimmering black flared jumpsuit as she joins ab
- Shen Yueyue Inspects Northwest China's Qinghai Province
Popular articles
Recommended
Ship that caused Baltimore bridge collapse has been refloated
Huang Meets UN Under
Shen Attends SCO Forum on People
ACWF Holds Meeting for Presidents of Provincial
Cruise worker 'murders newborn son on board ship': Shocked co
China Launches Women Volunteers' Service Campaign
ACWF Volunteers Provide Services to Elderly, Children in Dongcheng District
Shen Yueyue Inspects Northwest China's Qinghai Province
Links
- Audit report finds German green transition lags behind targets
- Embracing the spring season: Hulun Lake in north China
- US Reps. Green and Kustoff avoid Tennessee primaries after GOP removes opponents from ballot
- Audit report finds German green transition lags behind targets
- 2024 WNBA Draft: The most anticipated fashion for Monday night
- Much of central US faces severe thunderstorm threat and possible tornadoes
- Israel’s chief says it will respond to Iran’s missile strike
- Trump Media stock slides again to bring it nearly 60% below peak
- Red Sox LF Tyler O'Neill leaves game against Guardians after collision with teammate
- Raye promises the 'unexpected' with second album during Coachella Festival set