Target to Lower Prices on 5,000 Items Ahead of Memorial Day, Competing with Walmart

May 20, 2024, 12:23 PM

Target Corporation announced on Monday that it will lower everyday regular prices on approximately 5,000 frequently shopped items. The price reduction covers a broad range of products including milk, meat, bread, soda, fresh fruit, vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, and pet food. This initiative is aimed at attracting more shoppers, particularly those feeling the pressure of inflation and looking to stretch their budgets. The retailer has already reduced prices on about 1,500 items, with thousands more price cuts planned. This move comes ahead of Memorial Day weekend and amidst the latest inflation report, as Target seeks to provide savings on essential items to its customers. Target's pre-market stock price increased by 0.2% following the announcement, which comes just ahead of its earnings report. The price cuts also signal a competitive move against Walmart.