DETROIT – Target shares dropped after the retailer posted a blog on Friday, promising to lower prices on thousands of goods.
The cuts will be on items including cereal, paper towels, baby formula, razors and bath tissue, Target said. And the news comes just days after Amazon started cutting prices at Whole Foods' stores across America.
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Target shares were trading around 3 percent lower Friday afternoon on the announcement.
"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 a statement.
"Part of that is removing the guesswork to ensure they feel confident they're getting a great, low price every day," Tritton added.
"We've spent months looking at our entire assortment, with a focus on offering the right price every day and simplifying our marketing ... all while maintaining sales we know are meaningful to guests."
Here's more from the Target blog post:
Ready for a few tips for saving big every day at Target?
- Fill your cart with confidence. Go ahead, choose from thousands of items, from milk and eggs to crayons, markers and more … and simply drop them in your cart. We’ve taken a close look at the products that are most important to our guests, making sure they’re priced right daily.
- Watch for simple, easy messages. Say goodbye to all those little signs and ads letting you know about the “Weekly Wow!” or “Bonus Offer.” We’ve eliminated more than two-thirds of our price and offer call-outs so you can more easily spot the savings.
- Delight in the right sales. Don’t worry—we’re not ditching promotions! We’re just making sure to offer only our best, most compelling sales—when it makes the most sense for our guests.
Here’s to even happier Target runs—and a break for your budget!