Target Corp. has announced that it would lower everyday regular prices on about 5,000 frequently shopped items across its product assortment in response to inflation and pressure on consumer budgets.
The program largely focuses on food and other everyday needs but also includes products consumers may seek in preparation for upcoming holidays, including Memorial Day and back to school. Target asserted that price reductions could save consumers millions of dollars this summer. Although it adjusts prices regularly to remain competitive, Target stated that it is applying the new reductions on top of routine modifications.
Target noted that it will make price adjustments on national and its owned brands such as Everspring, which includes a wide variety of products consumers routinely purchase, from dishwasher pods and paper plates to candles and cleaning tools. In another move to address shopper budget concerns, Target pointed out that it recently relaunched and expanded the company’s everyday essentials brand Up&Up, which includes more than 2,000 items ranging from over-the-counter drugs to disposable tableware to food storage, most under $15.
Target will mark new prices in-store with easy-to-see red tags, as well as online at Target.com and the Target app, the company maintained.
“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, the retailer’s executive vice president and chief food, essentials and beauty officer, in announcing the price cutting. “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.”
