MINNEAPOLIS, MN – Target has lowered its prices on thousands of items in order to contend with competitors like Walmart, Amazon, and Kroger.
According to a Target blog post, the company hopes to cut through the clutter and provide guests with great everyday values, while continuing to offer additional savings on the right products at the right times.
“We want our guests to feel a sense of satisfaction every time they shop at Target,” says Mark Tritton, Target Executive Vice President and Chief Merchandising Officer. “Part of that is removing the guesswork to ensure they feel confident they’re getting a great, low price every day. We’ve spent months looking at our entire assortment, with a focus on offering the right price every day and simplifying our marketing to make great, low prices easy to spot, all while maintaining sales we know are meaningful to guests. And guests are taking note, appreciating much easier, more clear—and more consistent savings—at Target.”
Tritton seems optimistic about lowering prices throughout Target stores. Alas, Reuters reports that Target shares were down as much as 4.7 percent when the announcement was made. With Amazon lowering prices at its newly-acquired Whole Foods grocery stores, Target is trying its hand at price cuts. Only time will tell if this new strategy garners an increase in consumer and market approval.
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