Target shares dropped on Friday after the retailer posted a blog about lowering prices on thousands of items across its stores.
Target said the price cuts would be on items including cereal, paper towels, baby formula, razors, bath tissue and more.
Shares were last trading around 3 percent lower Friday afternoon on the news.
“We want our guests to feel a sense of satisfaction every time they shop at Target,” Mark Tritton, Target’s chief merchandising officer, said in a statement.
“Part of that is removing the guesswork to ensure they feel confident they’re getting a great, low price every day,” Tritton added. “We’ve spent months looking at our entire assortment, with a focus on offering the right price every day and simplifying our marketing to make great, low prices easy to spot, all while maintaining sales we know are meaningful to guests.”
Target said it hasn’t ditched promotions entirely, but instead will focus on only the most “compelling” sales. The big-box retailer has now eliminated more than two-thirds of its price and offer “call-outs” in stores, so big savings will be easier for shoppers to spot.
This is a developing story. Please check back for updates.