Target kicks off deals Oct. 10 with price-matching
A customer shops the holiday section at a Target store in Clifton, N.J.
Adam Jeffery | CNBC
Target is trying to win over early-bird shoppers this holiday season with a promise that they will get the lowest prices on gifts.
Target announced Wednesday that customers will now be able, for the first-ever time, to ask for a price adjustment on any Target item purchased between Oct. 10th and Dec. 24 if the prices drop later in the season. Target announced that Target will still match the prices of select competitors within 14 business days from a customer’s purchase. This is similar to past holidays.
Target is vying for shoppers’ dollars over rivals that include Walmart, Amazon and Macy’s. Holiday forecasts are calling for a solid jump in consumer spending, but retailers also face a litany of other challenges, including inflationary pressures and slowdowns along the supply chain.
In order to ensure that they have all items on their wish list, shoppers should be encouraged to buy earlier than ever. Otherwise, shoppers run the chance of falling on empty shelves.
According to a forecast by Salesforce, consumer prices are projected to rise as much as 20% this holiday season. From intermittent factory shutdowns in overseas, to increased labor and transport costs that eat into profits, the pandemic caused disruptions throughout the supply chain. Salesforce reported that retail is currently facing $223 million more in product costs.
Target will begin its holiday push this October with “deal days” both in-store and online.
The company previously announced it’s taking a different staffing approach this holiday season: It will trim back seasonal hires and give more hours to existing employees.
In all, the discounter expects current store staff — about 300,000 people in total — will work 5 million more hours during the holidays. Target plans to still hire 100,000 seasonal workers, although that is less than the 130,000 it employed for the previous two holidays.
The Target stock price has increased by more than 32% in the past year. It has a market capitalization of $114 million.