Target is waging a price war, with 5,000 items jumping in and dropping prices! Fer House
Leading U.S. supermarket chain Target Corp. said Monday that it plans to lower the prices of about 5,000 popular items in its product lineup. The company said it has already reduced prices on more than 1,500 items and will continue to do so throughout the summer.
The price reductions are focused on non-essential groceries, home furnishings, and health and beauty products, and Target said it will "adjust prices regularly to ensure competitiveness in the retail marketplace. Nationally recognized brands and Target's own brands, such as Good&Gather, will see price reductions.
Target kicked off its price-cutting program two days before the release of its first-quarter earnings report, which coincided with the week before Memorial Day, the point at which the summer vacation season begins in the U.S. Target said the reduced merchandise prices were in addition to a separate discount for Memorial Day.
In the first quarter just past, Target store visits were up 3.5% year-over-year. Visits were up 1.4% in April, 6.3% in March and 5.3% in February.
"We know consumers feel pressure to make the most of their budgets, and Target is here to help them save even more," Rick Gomez, Target's chief food, essentials and beauty officer, said in a statement. "Our team works hard every day to deliver great value, and these new low prices on thousands of items will provide additional huge savings for the millions of consumers who shop at Target every week for their everyday needs."
On top of that, Target has launched several other initiatives this year to capture and retain consumer spending in the face of continued inflation and economic uncertainty. In February, it added the Dealworthy line, a new low-priced, in-house brand, expanding its assortment of low-cost everyday items.
In April, Target launched the Target Circle 360 loyalty program with paid membership tiers similar to offerings like Walmart+ and Amazon Prime. Earlier this month, the company also added Daily Harvest, a DTC direct food brand, to its website and select stores.
Target's price cuts are a reaction to the fact that consumers are currently under intense pressure and are buying more of their necessities and everyday groceries," analyzed Neil Saunders, Managing Director of GlobalData. "The pressure on consumers is costing Target some sales as some have migrated to retailers like Walmart and Aldi that focus on lower prices."
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