(DailyDig.com) – Target, a retail store, announced that it will cut prices for about 1,500 popular items starting on May 20 to attract shoppers tired of inflation’s high prices.
The price reductions include items such as butter, milk, bread, meat, fruit, cheese, vegetables, and other foods. They also include diapers, baby wipes, pet food, paper towels, and other household staples. They have noticed a trend away from name brands towards store brands, which typically cost less, and have slashed prices for both name brands and store-brand items.
Target plans to add more items to the price reductions over the summer months, bringing the total to 5,000 products. Target stated that they hope to save shoppers millions of dollars collectively on what they need most: everyday items such as food and drinks, as well as other household staples.
Prices will vary depending on the cities they are located in, but Target released some examples of the price changes for certain items. Target reduced the price of a pound of butter from $3.99 to $3.79 and the price of a canister of 75-count Clorox wipes from $5.79 to $4.99.
Target unveiled a collection of lower-priced store brands in January. They named it “Dealworthy,” and it includes almost 400 basic household items like clothes, electronics, and home decor. The majority of the products had prices under $10, and some even had prices under one dollar.
Target also realized that inflation has caused many shoppers to cut back on their spending due to the higher cost of using credit cards. In March of this year, they discovered a decline of 1.7 percent in annual sales. This was the first decline in the last seven years.
Rick Gomez, Target’s VP, released a statement saying that they know their shoppers are finding their budgets under pressure, and Target wants to help. He said their teams work to provide value in their products and lower the prices of thousands of essential items. They want to give their customers savings as they shop at Target every week.
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