In a strategic move to draw budget-conscious consumers, Target (NYSE:TGT) has announced it will reduce prices on at least 5,000 frequently purchased items, ranging from milk to diapers.
This announcement was made on Monday as the retailer prepares to release its first-quarter results later this week.
Amid persistently high food prices and increased borrowing costs, consumers have become more prudent with their spending, seeking more affordable alternatives both in-store and online.
This has prompted retailers like Target to make significant price adjustments to attract more shoppers and stay competitive, particularly against larger rivals like Walmart, which continues to draw consumers with its lower pricing.
The price reductions will include essential items such as meat, bread, soda, fresh fruits and vegetables, snacks, and yogurt, impacting various markets from Phoenix and Minneapolis to New Orleans and Baltimore.
Already, Target has lowered prices on about 1,500 items, including frozen chicken breast and shredded cheese, with further reductions planned throughout the summer.