May 20, 2024 – 4:12 AM PDT
(Reuters) – Target (TGT.N) will be lowering prices on at least 5,000 frequently shopped products across its assortment ranging from milk to diapers, the big-box retailer said on Monday, as it looks to attract budget-stretched customers.
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Still-high food prices and borrowing costs have made cash-crunched customers more conscious of their spending on pricey items and look for cheaper products in stores and online, forcing retailers to lower prices to get more consumers to their stores.
Target also faces stiff competition from larger rival Walmart (WMT.N) that already offers products at lower prices, and last week signaled a resilient U.S. shopper, betting on easing inflationary concerns.
“We know consumers are feeling pressured to make the most of their budget,” Rick Gomez, chief food, essentials and beauty officer…
