Target Cuts Prices to Attract Holiday Shoppers

(Reuters) – Target is reducing prices on over 2,000 items, including snacks, toys, and cold medicine, to draw bargain-hunting shoppers for the holiday season.

The price cuts will apply to both national brands and Target's private labels, covering food, beverages, everyday essentials, and holiday gifts.

This decision comes at a time of shorter-than-usual shopping periods and amidst consumer frugality.

Walmart (NYSE:WMT) also aims to keep prices low as many Americans turn to discount shopping amid persistent inflation.

In May, Target had lowered prices on at least 5,000 frequently purchased products and is set to reduce prices on more than 10,000 items by the end of the holiday season.

In August, the retailer increased its annual profit forecast after witnessing a rise in quarterly comparable sales, attributed to price cuts.

Based in Minneapolis, Target has hired around 100,000 seasonal workers for the holiday rush.