Target Corporation said Tuesday it is cutting prices on nearly 2,000 home, apparel and accessories products as the retailer steps up its value push ahead of the holiday shopping season. The announcement builds on more than 10,000 price cuts Target has made over the past year, and follows management comments on the company's Aug. 19 earnings call that value would remain central to its strategy as consumers stay selective about discretionary spending. The latest cuts cover women's, men's, infant and toddler apparel and footwear, along with a range of home products, with select apparel and footwear items now priced at least 20% below comparable levels last year and its refreshed bedding assortment priced about 15% lower on average. The move follows rival Walmart, which in August reported its slowest quarterly comparable-sales growth in six years and said it would lower prices on about 11,000 products, supported in part by $2.9 billion in U.S. tariff refunds, as major U.S. retailers cut prices to attract cautious consumers facing added pressure from higher gasoline costs tied to the Middle East conflict.
Target CorporationTarget is cutting prices on nearly 2,000 products, a margin-negative pricing move to drive value ahead of the holidays.
Walmart Inc.Walmart is cited as the rival that already cut prices on about 11,000 products, referenced only as context for Target's move.
