Target has joined the new trend among big retailers: Lowering prices on staples and then boasting about it. The chain says it has dropped prices on about 1,500 items so far and will bring the total to 5,000 by the end of summer, reports USA Today. The cuts cover everything from milk to fruit to pet food, and include brand names and house brands, per CNN. Some examples:
- A package of Thomas' Plain Bagels has gone from $4.19 to $3.79.
- Huggies Baby Wipes dropped from $1.19 to 99 cents.
- A pound of Good & Gather Unsalted Butter is $3.79, down from $3.99.
- Persil Liquid Laundry Detergent is $12.99, down from $13.69.
Rivals such as Aldi and Walmart, and even furniture giant Ikea, have similarly lowered prices amid high inflation, while McDonald's promises to unveil a $5 value meal this summer, notes NPR. The shift comes with prices generally up 20% to 30% compared to three years ago, Sarah Wyeth of S&P Global Ratings tells CNN. At the same time, retail sales have been flat or below expectations. At Target in particular, sales dropped last year for the first time since 2016. (More Target stories.)
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