Target said on Tuesday that it would be stocking its shelves with more products priced under $10 as the retailer tries to appeal to more cost-conscious consumers dealing with once-in-a-generation inflation.
This comes a little more than a year after dollar store chain Dollar Tree said it would launch more discretionary products including seasonal items and apparel priced between the $3 and $5.
Americans are shifting their shopping habits and hunting for bargains in the face of unrelenting inflation. Many, including high-income households, are buying more store-label brands as budgets stretch in the face of higher interest rates.
Minneapolis-based Target, which has nearly 2,000 stores, reported a quarterly profit that beat Wall Street’s expectations for the first time in a year, as it shifted its focus to selling more food and lower-priced items under its higher-margin private-label brands including Favorite Day, Good & Gather and Mondo Llama.
Target…
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