Target said Tuesday it is cutting prices on 2,000 items ahead of the holiday season in a bid to lure inflation-stricken customers.
The Minneapolis-based retailer will cut prices on both national brands and its private labels. Customers will see lower prices on gifts like toys and beauty products, as well as everyday items like food and medicine.
Target is offering its biggest holiday collection this year, featuring thousands of toys — more than half of which are priced under $20.
The retailer said the price of a LEGO Technic 2022 Ford kit will be reduced from $119.99 to $95.99.
The Blue Fire Truck will retail for $19.99, down from $24.99.
Target shoppers can treat their friends and families to great deals, too, including baking holiday desserts with Crisco Vegetable Oil – now down from $5.29 to $4.79 – and serving coffee with Coffee Mate Creamer – now down to $4.99 from $5.29.
Target announced the plan ahead of a shorter-than-usual holiday season, adding pressure to an already stressed industry.
Last week, former Target Vice Chairman Gerald Storch Warned that holiday spending this year will be disappointing As consumers lack savings due to sticky inflation and reduced spending due to geopolitical uncertainties.
“It’s very clear that consumers are running out of money,” said Storch, who was also the former CEO of Toys ‘R’ Us in the 2000s and early 2010s. told Fox Business“They are increasingly stressed by inflation and the depletion of their pandemic-era savings.”
When Storch was asked about his expectations for this year’s holiday shopping season, he was candid: “[I don’t expect] “Too much, to be honest.”
This isn’t the first time this year that Target is lowering prices to win back customers.
In May, the retailer said it would cut prices on about 5,000 items.
Target said it has exceeded that goal and reduced price tags on more than 8,000 items so far this year.
The company expects to reduce prices on more than 10,000 items overall this year.
“We know families are excited to celebrate the holidays, so Target is committed to helping them find joy without compromise – with the best products in our assortment at even lower prices,” Rick Gomez, Target’s executive vice president and chief commercial officer, said in a statement. On Tuesday.
in August, Target raises its full-year profit forecast And it reported its first increase in quarterly comparable sales in more than a year as discounts and deals prompted customers to return to stores.
rival discount chain Walmart has had similar success By keeping prices low because consumers prefer deals.
