A massive retailer now plans to cut prices on 5,000 items to appeal to value and ‘price-sensitive’ consumers, sources report.
Retail giant Target plans to cut prices on about 5,000 popular items across its assortment, the company said on Monday.
The retailer said it has already reduced the prices of 1,500 items and more reductions will continue through the summer.
The price cuts are centered on nondiscretionary grocery, household, and health and beauty items.
Target said it “routinely adjusts its prices to ensure it is competitive within the markets it does business.”
National labels and Target’s owned brands, like Good & Gather, will see price reductions.
The initiative’s launch comes two days before Target’s Q1 earnings report and a week before Memorial Day, the traditional start to the U.S. summer vacation season.
Target said the lowered everyday prices are in addition to separate Memorial Day discounts.
As consumers battle inflation, Target is lowering prices on thousands of essentials. The retailer plans to signal the price cuts with red tags in its app, in stores and online.
“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 chief food, essentials and beauty officer, said in an announcement.
“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 launched several initiatives this year to capture and retain consumer spending as inflation and economic uncertainty persist.
In February, it added Dealworthy, a new low-priced private-label brand that expanded its assortment of low-cost everyday items.
In April, it introduced Target Circle 360, a loyalty program with paid membership tiers similar to offerings like Walmart+ and Amazon Prime.
And earlier this month, Target added Daily Harvest, a DTC food brand, to its website and select stores.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
California now has massive departures to Texas as more and more residents are being reported to leave the golden state.
Every year, former Republican congressional candidate Paul Chabot hosts a welcoming ceremony at a barn in North Texas that draws hundreds of people.
Chabot’s company is dedicated to “helping patriots escape liberal states” — this is all part of the plan to relocate Orange County residents to the Dallas-Fort Worth metroplex, a sprawling region in North Texas that’s home to more than 8 million people.
Real estate agents in the area told SFGATE that two cities in particular, though, have attracted a number of self-described “political refugees” who fled liberal California during the height of the pandemic.
Since their arrival, home prices in the area have nearly doubled, and agents said that despite local pushback, so many Californians are moving to the region that they’re creating a new subculture entirely.
Frisco and Plano, two wealthy enclaves in Collin County, have become hot spots for coastal Californians.
In 2019, the median sale price of a single-family home in Frisco was just $400,000, but it’s since risen to about $700,000 as of March 2024, Redfin data shows — a 75% increase.
Most people who recently searched for Frisco-area homes on the platform hail from Los Angeles, San Francisco, Seattle and New York.
Though Collin County is a former farming community, “New Texas” is continuing to attract residents because it’s a major corporate hub, Lloyd Potter, a state demographer and professor at the University of Texas at San Antonio, told SFGATE.
This trend can be seen in other parts of the state, too: In 2020, Oracle relocated its headquarters from Redwood City to Austin, and a year later, billionaire Elon Musk made headlines when he moved Tesla’s headquarters there, backwards cowboy hat and all.
Brittany Stewart, a real estate agent who’s served the North Dallas region for 10 years, never anticipated that the pandemic would open the floodgates for Southern Californians.
“I was in shock,” she told SFGATE over the phone.
Most of Frisco’s new residents came from Los Angeles and Orange counties, she said, but there’s been general interest from the entire West Coast, reports SFGate.
More than 100,000 people from the Golden State moved to Texas in 2022, a report from the U.S. Census Bureau estimated, and while Orange County and Los Angeles County populations declined, Frisco’s population increased 9.5% from 2020 to 2022.
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Also Read: Florida Now Has Massive Departures As Hundreds of Thousands Leave
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