Target Implements Price Cuts Amidst Declining Sales and Inflation Pressures

The retailer aims to attract budget-conscious consumers with reduced prices on essential items as it faces competition from Walmart and other discounters.

Target's Q1 sales fell by 3.7%, with discretionary spending particularly weak.
The company has announced price cuts on 5,000 frequently bought items, including groceries and household essentials.
Walmart and other retailers are also offering discounts to lure cost-sensitive shoppers.
Target's digital sales and same-day services showed growth despite overall sales decline.
Analysts remain cautious about Target's near-term growth prospects due to ongoing economic challenges.