While inflation has been improving, high costs are still putting consumers in a precarious position—and they're not keeping quiet about how they feel. Over the past several months, shoppers have slammed Walmart for raising prices, while others have threatened to boycott Dollar Tree for its ongoing increases. Now, one retailer is trying to change course: Target has announced plans to slash prices on 5,000 of its most frequently purchased products.
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According to a May 20 press release from the company, Target is looking to help shoppers "save big." To do so, the retailer revealed that it will "lower everyday regular prices on approximately 5,000 frequently shopped items across its assortment."
"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," Rick Gomez, Target's executive vice president and chief food, essentials and beauty officer, said in a statement. "Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs."
Target has already lowered prices on about 1,500 items ahead of Memorial Day. That means you can now find lower prices at many Target stores and online for products including Good & Gather Frozen Chicken Breast, Prime Hydration Ice Pop Sports Drinks, Johnsonville Cheddar Smoked Sausages, and Good & Gather Shredded Cheese, according to the release.
"These lower everyday prices are in addition to the separate Memorial Day discounts across the assortment to help consumers celebrate the holiday," the company stated.
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Target plans to continue its price cuts for thousands more items over the summer.
"Consumers will enjoy savings on everyday items such as milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more," the retailer explained in its release.
Examples of the other savings set to hit Target stores include a 20-cent reduction in Good & Gather Unsalted Butter, from $3.99 to $3.79, and a 40-cent reduction for Thomas' Plain Bagels, from $4.19 to $3.79.
The largest price cut that Target listed in its release is for Good & Gather Sea Salt Roasted Nuts. The cost of a 9.5-ounce bag of these nuts is being lowered by $1.60, bringing it down from $6.89 to $5.29.
"These price reductions will collectively save consumers millions of dollars this summer," the retailer stated in its release. "Target routinely adjusts its prices to ensure it is competitive within the markets it does business. These new price reductions are on top of the retailer's everyday low price."
Of course, it's not all about altruism for the mega-retailer. As CNN notes, these upcoming price cuts are likely an attempt for Target to turn around sales as well: The chain's sales dropped last year for the first time since 2016.
