Retailing giant Target said on Monday that it will be cutting prices on at least 5,000 commonly purchased items, ranging from milk to diapers, as it aims to draw in shoppers on a tight budget.
Retailers have been forced to decrease prices in order to attract more customers to their businesses as a result of cash-strapped clients becoming more cautious of their spending on costly things and searching for cheaper options online and in stores. This has resulted in still-high food prices and borrowing expenses.
Target is also up against fierce competition from Walmart, a bigger rival that boasts cheaper pricing already and showed signs of a sturdy American customer base last week by hedging against inflation fears.
"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 announced that it will also be lowering prices in a number of areas, including Phoenix, Minneapolis, New Orleans, Baltimore, and fresh fruit and vegetables, as well as meat, bread, drinks, and snacks.
The business, which is scheduled to release its first-quarter financial results on Wednesday, stated that it has already lowered the pricing of nearly 1,500 products, including shredded cheese and frozen chicken breast, and that additional price reductions are in store for the summer.
The company added that these price reductions were in addition to the reductions it had already planned to provide at all of its locations in honour of Memorial Day. The price cuts will be available on dozens of national brands in addition to Target's own private brands.
(Source:www.heraldcourrier.com)
Retailers have been forced to decrease prices in order to attract more customers to their businesses as a result of cash-strapped clients becoming more cautious of their spending on costly things and searching for cheaper options online and in stores. This has resulted in still-high food prices and borrowing expenses.
Target is also up against fierce competition from Walmart, a bigger rival that boasts cheaper pricing already and showed signs of a sturdy American customer base last week by hedging against inflation fears.
"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 announced that it will also be lowering prices in a number of areas, including Phoenix, Minneapolis, New Orleans, Baltimore, and fresh fruit and vegetables, as well as meat, bread, drinks, and snacks.
The business, which is scheduled to release its first-quarter financial results on Wednesday, stated that it has already lowered the pricing of nearly 1,500 products, including shredded cheese and frozen chicken breast, and that additional price reductions are in store for the summer.
The company added that these price reductions were in addition to the reductions it had already planned to provide at all of its locations in honour of Memorial Day. The price cuts will be available on dozens of national brands in addition to Target's own private brands.
(Source:www.heraldcourrier.com)
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