Target has dropped prices on more than 1,500 popular goods, ranging from butter to laundry detergent, as the store seeks to entice inflation-conscious buyers put off by rising pricing.
Prices began dropping on Monday, with “thousands more price cuts” — totaling 5,000 goods — planned for the summer, according to the company. The goal of the reduced costs is to “collectively save consumers millions of dollars” on daily necessities and household goods including milk, fresh fruit, pet food, and diapers.
Target provided several instances of price reductions, despite city-specific variations, such as a 75-count container of Clorox wipes going down from $5.79 to $4.99 and a pound of unsalted butter from its Good & Gather brand going down from $3.99 to $3.79.
Target’s pricing reductions are an effort to boost its overall sales, which dropped for the first time since 2016 in the face of a weak 2024 forecast. Aiming to draw customers back into stores and encourage them to spend money after many cut back on their purchases due to inflation, other big competitors, such as Ikea and Aldi, have been also lowering their prices in recent months.
Retail sales remained flat last month from March, when spending grew by a downwardly revised 0.6%, according to the Commerce Department. According to FactSet, expenditure in April fell short of the 0.4% growth that analysts had predicted. In contrast, retail sales increased by 3% a year earlier.
