Target and Walmart have reduced prices on more than 2,000 home goods, clothing items and accessories. Both the retail giant seek to attract budget-conscious shoppers ahead of the holiday season.
The US retailer is responding to cautious consumer spending, with major chains including Target and Walmart introducing price reductions as households face higher costs, including increased fuel prices linked to the Middle East conflict.
Target has already reduced prices on more than 3,000 products this year. The company also raised its annual forecast in August after posting its third consecutive quarter of better-than-expected results.
Walmart, meanwhile, reported slower comparable sales growth in August and announced plans to reduce prices on about 11,000 products. The company said tariff refunds worth $2.9 billion were helping support those reductions.
Target Chief Merchandising Officer Cara Sylvester said customers were increasingly seeking quality products at affordable prices, making value an important part of the company’s strategy.
The latest reductions expand on price cuts covering more than 10,000 products over the past year.
Target said the new reductions will cover women’s, men’s, infant and toddler clothing, as well as footwear for the entire family. Some products will be priced at least 20% below their levels last year.
The retailer is also updating its bedding range, with prices averaging 15% lower than a year earlier.
Target said customers will receive additional savings through its regular pricing strategy and weekly promotional offers, as the retailer seeks to strengthen sales during the crucial holiday shopping period.
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