New York CNN —Target has slashed prices on more than 1,500 popular items beginning immediately, ranging from butter to laundry detergent, as the retailer attempts to attract inflation-wary shoppers turned off by high prices.
Prices have dropped effective Monday, with “thousands more price cuts” — amounting to 5,000 items — being reduced over the summer, the retailer announced.
Retail sales growth has taken a hit because of high prices: Last month, retail sales were unchanged from March, when spending increased by a downwardly revised 0.6%, the Commerce Department recently reported.
By comparison, a year ago, retail sales surged by 3%.
In response, Target recently created a new house brand called Dealworthy to take on dollar stores and Walmart.
Persons:
Sarah Wyeth
Organizations:
New, New York CNN — Target, Ikea, Aldi, Shoppers, CNN, Commerce Department, Target, Walmart
Locations:
New York