Good news for Target shoppers: Prices are about to go way down.
Target shared a blog post on Friday that said it plans to lower its prices on thousands of items. The prices should take effect immediately.
What's on sale: Time reported that customers will see lower prices on "cereal, paper towels, baby formula, razors, toilet paper, milk, eggs, crayons, markers, and a lot more."
Target plans to eliminate the “Weekly Wow!” and “Bonus Offer” specials, as well as two-thirds of its total offers in weekly ads, Time Money reported.
“Though shoppers may see less messaging, the retailer hopes the move will make it easier for shoppers to spot the sales worth knowing about,” according to Time Money.
Why?: Mark Trittion, who serves as executive vice president and chief merchandising officer, said in a statement that he hopes customers feel there are deals every day and not just when the specials come out in weekly ads.
“We want our guests to feel a sense of satisfaction every time they shop at Target,” he said in a statement. “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.”
This move from Target comes as Amazon slashed prices across the board at Whole Foods, a store chain that Amazon now owns.
The price cutting brought a 25 percent jump in Whole Foods shoppers, too, according to Bloomberg.
Jennifer Bartashus, an analyst at Bloomberg Intelligence, said this number isn’t surprising. But it’s one to watch long term to see if Amazon can “upend” the grocery store industry.
“A lot of people went to see what they could see,” she told Bloomberg. “The question is if they think the prices are low enough to change their shopping behavior — it takes a very long time to change a consumer’s perception of prices and value.”