Left unsaid in the announcement is that Target has been pricing too high and running too rich in profits. Target has decided to lower the prices on goods it has been overcharging for months. Just like Biden has said, corporate profiteering drove a large part of price increase. Supply and demand wins out though and the consumer is gaining some upper hand.
This should stabilize consumer item prices across the industry as Walmart responds. Those two retailers are a huge part of the consumer goods market. Thanks for your leadership Joe!
May 20 (Reuters) - Target (TGT.N), opens new tab will be lowering prices on at least 5,000 frequently shopped products across its assortment ranging from milk to diapers, the big-box retailer said on Monday, as it looks to attract budget-stretched customers.
Still-high food prices and borrowing costs have made cash-crunched customers more conscious of their spending on pricey items and 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 (WMT.N), opens new tab that 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," Rick Gomez, chief food, essentials and beauty officer at Target, said in a statement.
Target said it also plans to cut prices on items such as meat, bread, soda, fresh fruit and vegetables, snacks and yogurt in markets ranging from Phoenix and Minneapolis to New Orleans and Baltimore.
This should stabilize consumer item prices across the industry as Walmart responds. Those two retailers are a huge part of the consumer goods market. Thanks for your leadership Joe!
May 20 (Reuters) - Target (TGT.N), opens new tab will be lowering prices on at least 5,000 frequently shopped products across its assortment ranging from milk to diapers, the big-box retailer said on Monday, as it looks to attract budget-stretched customers.
Still-high food prices and borrowing costs have made cash-crunched customers more conscious of their spending on pricey items and 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 (WMT.N), opens new tab that 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," Rick Gomez, chief food, essentials and beauty officer at Target, said in a statement.
Target said it also plans to cut prices on items such as meat, bread, soda, fresh fruit and vegetables, snacks and yogurt in markets ranging from Phoenix and Minneapolis to New Orleans and Baltimore.
