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With just a week before Memorial Day, Target is slashing prices on thousands of products — from milk and soda to paper towels, diapers, and pet food.
The Minneapolis-based retailer on Monday said it has already cut prices on about 1,500 products, while thousands of additional decreases will come into effect over the summer. In total, prices on about 5,000 “frequently shopped items” will be lowered, which will collectively save consumers “millions of dollars” during the summer, Target said.
A sampling of reduced prices provided by Target includes items ranging from Clorox wipes and Pepperidge Farm crackers to a slew of products under the Good & Gather brand and Prime Hydration sports drinks.
Target said the price cuts are geared toward the everyday items Americans need as well as goods they stock up on before Memorial Day, the Fourth of July, and as they prepare to head back to school. In good news for consumers, the already-implemented reduced prices are in addition to Target’s regular discounts for Memorial Day, which is May 27.
“We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” Rick Gomez, a Target executive overseeing food, essentials, and beauty products, said in a statement.
Target in March told investors it expects sales to be sluggish in its first fiscal quarter of 2024 as it came off a better-than-expected end to its 2023 fiscal year. In recent months — as consumers grapple with elevated levels of inflation and cut back on discretionary spending — Target has implemented a series of strategic moves.
Earlier this month, Target said it wanted to take its private label brand global. And in April it said it was upping its self-checkout technology after limiting the number of items customers could use at the standalone kiosks. That same month, it launched its paid membership in a bid to keep up with Walmart and Amazon.
Target has also reportedly considered limiting the in-store presence of LGBTQ+ merchandise after it faced swift backlash last year from conservatives, which caused a decline in sales. The retailer has almost 2,000 stores across the U.S.