Target to lower prices on 2,000 items ahead of holiday season

LOS ANGELES, CALIFORNIA – AUGUST 20: The Target logo is displayed at a Target store on August 20, 2024 in Los Angeles, California. Photo by Mario Tama/Getty Images/AFP

Target TGT.N is reducing prices on more than 2,000 items ranging from snacks to toys and cold medicine in an effort to attract bargain-hunting shoppers during the holiday season, the retailer said on Tuesday.

The price reductions will be across national brands and Target’s own private brands, including food and beverages, everyday essentials and holiday gifts, it said.

The move comes ahead of the shorter-than-usual key shopping period this year, and against a backdrop of frugal consumer behavior.

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Rival WalmartWMT.N has also been pushing to keep prices on essentials low as many Americans turn to discount shopping amid sticky inflation.

In May, Target lowered prices on at least 5,000 frequently shopped products. It said on Tuesday that it was on track to lower prices on more than 10,000 items by the end of the holiday season.

In August, Target raised its full-year profit forecast and reported its first increase in quarterly comparable sales in over a year, driven by price cuts.

The Minneapolis-based retailer has hired about 100,000 seasonal workers ahead of the holiday season.