Target is slashing prices ahead of the holiday season.
In a blog post on Friday, the company announced that it was cutting prices on "thousands of items" as part of a store-wide evaluation on prices and value, and to become less promotional overall.
The post did not specify the size of the price cuts. It also did not elaborate on which specific products would be discounted, but said it would range from "cereal and paper towels to baby formula, razors, bath tissue and more."
The post makes it clear the prices are not just temporary reductions. It adds that while promotions and sales will not be going away, Target will now offer "only our best, most compelling sales — when it makes the most sense for our guests."
The retailer also announced plans to make its promotions easier for customers to understand. Target says it eliminated over two-thirds of its sale announcements in ads and in stores "so you can more easily spot the savings."
"We want our guests to feel a sense of satisfaction every time they shop at Target," Mark Tritton, Target's chief merchandising officer, said in prepared remarks. "Part of that is removing the guesswork to ensure they feel confident they're getting a great, low price every day."
The price changes are part of the retailers efforts to become less promotional, and encourage customers to buy items at full price without a discount. Target CEO Brian Cornell said in second quarter earnings call the company "saw a meaningful increase in the percent of our business done at regular price and a meaningful decline in the percent on promotion."
Target has faced challenges as customers shop more online and less in big-box stores. The discount retailer told investors earlier this year it would lower prices to better compete with Walmart and Amazon.
Target has recently boosted its ecommerce business and launched small-format, urban stores to win back customers. It reported a 1.3% rise in comparable sales in its most recent earnings report.
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