Dive Brief:
- Target announced Tuesday it is lowering prices on 3,000 food, beverage and essential items, though prices could vary by location and online. This is the latest in a string of initiatives the retailer has rolled out to offer shoppers lower prices.
- The retailer also announced a $500,000 donation to Feeding America to support its hunger relief efforts amid increased demand at food banks.
- Target’s efforts come at a time when food insecurity and grocery affordability are top of mind for consumers as they get ready for the winter holiday season.
Dive Insight:
Lowering prices on thousands of items that shoppers frequently buy “will make a difference for families managing tight household budgets during the holidays,” Lisa Roath, chief merchandising officer of food, essentials and beauty at Target, said in the announcement. The press release noted it will not reduce prices in Alaska and Hawai’i.
The price cuts build on Target’s growing affordability efforts as the holiday season arrives. The retailer highlighted in the Tuesday announcement its lowest price ever for a Thanksgiving meal, which the retailer unveiled earlier this month. The meal feeds four for less than $5 per person and includes a Good & Gather turkey that costs 79 cents per pound.
Target is also offering a holiday price match, allowing customers who make purchases starting Nov. 1 to get a price adjustment if a purchased item’s price drops at Target on or before Dec. 24.
Last week, the retailer also held an early Black Friday sale that ran from Thursday through Saturday.
The National Retail Federation forecast that consumers will spend $890.49 per person on average this year, based on a survey of 8,247 people in early October. That’s the second-highest total NRF has ever recorded, but marks a 1.3% decline in spending from last year.
