U.S. discount retailer Target (TGT) is lowering prices on more than 2,000 items ahead of the year-end holidays.
Target has announced that it is cutting prices on items ranging from snacks to children’s toys as it seeks to attract price-sensitive consumers during the busy holiday season.
This is Target’s latest effort to reduce prices and draw-in consumers who are struggling with inflation and elevated interest rates. Earlier this year, Target lowered prices on 5,000 products.
Target isn’t alone in trying to attract cash-strapped consumers this holiday season.
Rival Walmart (WMT) has also been lowering prices on many of the items it sells as a growing number of shoppers search for discounts.
Reducing prices is paying off for Target. In August, the company reported its first increase in quarterly sales in more than a year due to the price cuts.
Target has also announced plans to hire 100,000 seasonal workers across its retail network this holiday season.
The stock of Target has risen 40% in the last 12 months to trade at $149.19 U.S. per share.
