Target Goes Low With Holiday Prices
Target Corp., which has focused on competitive pricing over the past several months, announced that it is reducing prices on more than 2,000 products during the holiday season. The retailer is making the move to help its shoppers celebrate occasions with more budget-friendly options across several categories, including food and beverage, everyday essentials, gifts and more.
It is a strategy that seems to have paid off for Target, which beat analysts' expectations during its most recent quarterly reporting period. Sales comps and profits were both up in the second fiscal quarter, a time when the company shared that it was cutting prices on about 5,000 items.
By the end of the holiday season, Target estimates that it will have lowered prices on more than 10,000 items during the year. Those savings come at a pivotal time, leaders said.
"We know families are excited to celebrate the holidays, so Target is committed to helping them find joy without compromise — with great products across our assortment at even lower prices," remarked Rick Gomez, EVP and chief commercial officer. "From meal prep and gifting to everyday needs, Target's offering the kind of exceptional value that'll make it even easier for everyone to save money as they embrace the magic of the season."
Target shared some examples of lower costs. The Magic Bullet Personal Blender Set, for instance, now retails for $39.99 versus the original price of $49.99. In grocery, Crisco Vegetable Oil in a 40-oz. size now sells for $4.79 compared to the previous $5.29 and Coffee Mate Natural Bliss Sweet Cream Creamer in a 32-oz. size is available for $4.99, down from $5.29.
In addition to the price cuts, Target is highlighting the value of its Target Circle loyalty program. Shoppers can save on a wide range of items through that free-to-join membership plan.
Minneapolis-based Target Corp. is No. 7 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America, with nearly 2,000 locations. PG also included the company on its Retailers of the Century list.
