Target is Lowering Prices on 5,000 Items — Including Groceries

The Minneapolis-based big box chain is looking win back customers after four straight quarters of decline.

Target

Target is hoping to lure customers back with a simple new premise — selling things at a price point people can actually afford.

On Monday, the retailer announced it's dropping prices on 5,000 "common" things, including plenty of grocery items, in an effort to both help consumer's wallets and win them back after posting declines in comparable sales for its fourth straight quarter in a row, the Associated Press reported. And a lot of that slump, Target's CEO Brian Cornell told reporters, is due to inflation on groceries and household items. As the AP reported, Cornell said inflation is still up 20% to 30% from pre-pandemic levels, which is still putting a “strain on consumer wallets.”

"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," Rick Gomez, executive vice president and chief food, essentials, and beauty officer, at Target, shared in a statement. "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."

According to the company, it will cut prices on milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and other items. "These price reductions will collectively save consumers millions of dollars this summer," it added.

Joe Raedle / Getty Images The Minneapolis-based big box chain is cutting prices on both food and non-perishable items — a move aiming to win back customers after four straight quarters of decline.

It noted several specific examples of price drops, including Good & Gather Unsalted Butter, which went from $3.99 to $3.79, Jack's Frozen Pepperoni Pizza, which went from $4.19 to $3.99, Thomas' Plain Bagels, which dropped from  $3.79 $4.19, and Pepperidge Farm Goldfish Cheddar Flavor Blasted Crackers, which went from $2.99 to $2.79.

Target isn't the only retailer dropping prices for consumers this year. In early May, Food & Wine reported on Aldi's decision to discount more than 250 items to pass on an estimated $100 million in savings to consumers.

“Aldi is always looking for ways to help customers save money, but with more experts warning of persistent inflation, the time was right to deliver even greater discounts on our already low prices for the second year in a row,” Dave Rinaldo, president at Aldi U.S., said in the statement. “We don’t want food prices to hold people back from getting together with friends and family or spending time outdoors this season." Of course, it doesn't hurt that this should actually improve both retailer's bottom lines either.

Read the original article on Food & Wine.