Target, the nation’s second-largest discount retailer, says it is lowering prices on thousands of items from cereal and paper towels to bath tissue, formula, razors and more.
The cutbacks sent Target shares down Friday on potential price wars in the retail industry closing at $57.27 per share, down $1.15.
Target has 1,816 stores in the U.S.
“We want our guests to feel a sense of satisfaction every time they shop at Target,” says Mark Tritton, Target executive vice president and chief merchandising officer. “Part of that is removing the guesswork to ensure they feel confident they’re getting a great, low price every day. We’ve spent months looking at our entire assortment, with a focus on offering the right price every day and simplifying our marketing to make great, low prices easy to spot, all while maintaining sales we know are meaningful to guests. And guests are taking note, appreciating much easier, more clear—and more consistent savings—at Target.”
The company says it is ditching all the little signs and ads in the store that say “bonus offer” or “Weekly Wow!” Target plans to eliminate two-thirds of its callouts and just offer simple savings.
Target says it won’t eliminate promotions entirely but will offer the most compelling sales to customers.