A customer buys the party section at a Target store in Clifton, NJ
Adam Jeffery | CNBC
Target is trying to win over eager shoppers this holiday season by promising them they’ll get the lowest prices on freebies.
The discount retailer announced Wednesday that from October 10 through December 24, buyers will for the first time be able to request a price adjustment on all items purchased from Target if the price drops later in the season. . Target said it will continue to match the prices of certain competitors within 14 days of a customer’s purchase, as it has done on past holidays.
Target competes for shoppers’ money against rivals such as Walmart, Amazon, and Macy’s. The holiday forecast points to a sharp increase in consumer spending. But retailers also face a host of other challenges, including inflationary pressures and slowdowns throughout the supply chain.
Buyers are encouraged to shop earlier than ever to ensure they receive all of their Wish List items. Otherwise, consumers run the risk of tripping over empty shelves.
According to a Salesforce forecast, consumers prices are expected to increase by up to 20% this holiday season. The pandemic has caused disruptions throughout the supply chain, from intermittent shutdowns of overseas factories to higher labor and transportation costs that eat away at companies’ profits. The retail industry faces an additional $ 223 billion cost of goods sold, Salesforce said.
Target will launch its holiday campaign with “days of offers” online and in stores from October 10 to 12 this year.
The company previously announced that it is taking a different approach to staffing this holiday season: it will reduce seasonal hires and give more hours to existing employees.
In total, the discount expects the store’s current staff – around 300,000 people in total – to work 5 million extra hours during the holidays. Target still plans to hire around 100,000 seasonal workers, but that’s less than the 130,000 more it hired for each of the past two vacation seasons.
Target stocks are up over 32% year-to-date. The company has a market value of $ 114 billion.