In response to the persistent inflation that has forced Americans to pay more for groceries than ever before, Target has announced it will slash prices for more than 1,500 popular items beginning immediately.
The Minneapolis-based retailer shared the news on Monday, saying that “thousands more price cuts” are in the pipeline and that when all is said and done, around 5,000 items will see their stickers slashed.
The lower prices are Target’s latest attempt to attract shoppers who have been looking to cut inflation and shop for deals. The retailer says it expects its reduced prices to “collectively save consumers millions of dollars” on household items like milk, diapers, and more.
Prices will still vary depending on a store’s location, but the change will affect both name brands and Target’s house brands.
Target is not the first company to attempt to attract inflation-weary customers, as other retailers like Aldi and Ikea have also slashed prices in recent months.
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Walmart also recently launched a new food brand aimed at attracting younger consumers looking for deals that don’t have any ties to current brands.
The new brand “Bettergoods” is being rolled out nationwide this year, with 300 new products. Walmart shared that items will range in price from $2 to $15, with most of them coming in around $5.
The fast food industry is also facing a similar struggle, with Americans tightening their budgets.
Last week, McDonald’s announced that it would offer a $5 meal in the U.S. starting next month as a means to attract customers.
As for Target, the company is looking to turn around sales, as last year they fell for the first time since 2016, and experts predicted a slower-than-normal 2024.
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