Target will lower price matching between Walmart and Amazon
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Target has removed policy that matches the price with rivals Walmart and Amazon More than a decade later as the company aims to reposition itself amid slowing sales and competitive pressure.
Under the new Price Match Guarantee Policy, effective July 28th, Minneapolis-based retail giant customers can match the prices of other target products in store or online within 14 days of purchase, but the policy will no longer apply to their rivals.
The company said the decision was driven by the fact that “guests are overwhelmingly consistent with prices, not other retailers.”
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“Target price match guarantee combined with our commitment to getting daily prices ensures that guests get great prices when they shop,” the company said.
Target’s new price match guarantee policy will take effect on July 28th. (Gary Hershorn / Getty Images / Getty Images)
Target rolled out its first price match policy in 2009 called Low Price Promise. If a customer found a lower price in another brick and mortar store, the company matched it. Ultimately, the company expanded this policy to match prices from certain online retailers such as Amazon.com, Walmart.com, BestBuy.com and Toysrus.com during the holiday season.
In 2013, the company launched prices that matched the top online retailers all year round. Gregg Steinhafel at the time said the move made the company “unbeatable value” compared to its competitors in the highly competitive sector.
Target began matching prices in 2013, matching top online retailers all year round. (Gary Hershorn / Getty Images) / Getty Images)
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However, recent changes come as CEO Brian Cornell works to turn the company around. However, Cornell has seen the environment as “very challenging,” especially for the past few months.
The target missed Wall Street Expectations And it cut guidance for the year during its latest revenue call in May to reduce consumer confidence and repulsion over the rollback of its diversity, equity and inclusion (DEI) efforts.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| TGT | Target Corp. | 107.76 | +1.19 |
+1.12% |
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The Enterprise Acceleration Office Initiative, led by Target’s Chief Operating Officer Michael Fidelke, will particularly help the company operate more subtlely.
The target said so Latest revenue The expected single-digit decline in sales for fiscal year 2025 is down from around 1% of previous net sales growth.