OAN Staff James Meyers
9:10 AM – Tuesday, October 22, 2024
Target is slashing prices on over 2,000 items across different categories in a bid to offer more discounts to financially-strapped customers as the holiday season approaches.
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The massive retail chain announced on Tuesday that the price gouging would apply to select food and beverages, everyday essentials, holiday gifts and items to prep the home for the holidays.
“We know families are excited to celebrate the holidays, so Target is committed to helping them find joy without compromise — with great products across our assortment at even lower prices,” Rick Gomez, Target’s executive vice president and chief commercial officer, said in a statement. “From meal prep and gifting to everyday needs, Target’s offering the kind of exceptional value that’ll make it even easier for everyone to save money as they embrace the magic of the season.”
The cheaper prices have already started to take effect in stores across the United States. The price cuts can also be found online at Target.com and on the Target app, according to the company.
The latest price cuts come after Target slashed prices in May on almost 5,000 items, a figure that the company claims has increased to 8,000.
Additionally, the chain said Tuesday that by the end of the year, some 10,000 items will have seen price reductions in 2024.
National Retail Federation (NRF) chief economist Jack Kleinhenz projected that consumers “will spend more cautiously.”
Additionally, the company’s essentials and food and beverage categories saw growth in consumer spending last quarter, showing that “consumers are responding to our offerings in an environment where they are focused on value,” Target CEO Brian Cornell said.
Target gave the following examples of items that will see cuts:
- Crisco Vegetable Oil (40 fl. oz) now $4.79 (down from $5.29)
- Coffee Mate Natural Bliss Sweet Cream Creamer (32 fl. oz) now $4.99 (down from $5.29)
- Magic Bullet Personal Blender Set now $39.99 (down from $49.99)
- Purina Tidy Cats Litter (25 lb.) now $7.79 (down from $8.59)
- up&up Daytime Cold and Flu Relief Softgels (24 ct.) now $5.99 (down from $6.99)
- LEGO Technic 2022 Ford GT Car Model Set now $95.99 (down from $119.99)
- Bluey Fire Truck now $19.99 (down from $24.99)
Meanwhile, Target’s rival Walmart has also issued 7,200 rollbacks across several different categories over the past few months, including a 35% increase in the number of rollbacks in food.
In the prior quarter, Walmart surpassed Wall Street expectations as it enticed shoppers with more discounts.
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