Big-box retailer Target Corporation slashes prices on many products.
Target announced on the 20th that it will reduce the prices of at least 5,000 frequently purchased items, including milk and diapers.
Target has already reduced the prices of about 1,500 items, including frozen chicken breasts and shredded cheese, and plans to apply this to more items over the summer.
They stated that these price reductions are an addition to the discounts planned for all stores for the Memorial Day commemoration event.
This price reduction will apply to Target’s private brands and dozens of domestic brands.
Target’s executive vice president, Rick Gomez, said, “We understand that consumers are feeling the pressure to maximize their budget.”
In the U.S., retailers are lowering prices to attract more customers as cash-strapped consumers, burdened by high food prices and loan costs, are reducing spending on expensive items and seeking cheaper products online.
Meanwhile, Target faces fierce competition from Walmart, which already offers lower-quality products.
On the other hand, there were signs of easing inflation concerns last week, raising hopes for a recovery in U.S. consumption.
Target is scheduled to announce its first-quarter results on Wednesday.
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