TARGET’S CEO has made a damning admission about the company’s performance as it drops prices on 10,000 items in store.
The boss has opened up about the past few months for Target, as months of uncertainty takes its toll.
Target’s CEO Brian Cornell has now spoken out about Target’s start to 2025, claiming he is “not satisfied”[/caption]
Several major retailers have been struggling so far this year, with tariff worries and consumer uncertainty making it harder for companies to survive.
Target‘s CEO Brian Cornell has now spoken out about Target‘s start to 2025, claiming he is “not satisfied”.
Cornell highlighted a few factors: “Five consecutive months of declining consumer confidence, uncertainty regarding tariffs, and reaction to belonging updates in January.”
The extraordinary admission comes after the boss warned customers that they would surely feel the effect of Donald Trump‘s tariffs very soon, per The US Sun.
Cornell said previously: “Those are categories where we’ll try to protect pricing, but the consumer will likely see price increases over the next couple of days.
“If there’s a 25% tariff, those prices will go up.”
This was back in March, and since then, uncertainty around the tariffs has only increased.
But Cornell has seemingly been proven right, as Target items have been hit with massive price hikes overnight, per The US Sun.
One employee noticed in May that the price of a USB-C cord from Target‘s in-store Heyday brand had gone from $9.99 to $17.99.
This is an 80% markup on the product, with the risk of further price hikes very likely, according to economic experts.
One shopper said on Reddit: “I’m kinda scared to do back to school shopping in July and August.”
SALE TACTIC
All of this pressure on Target has led them to launch a very ambitious and sweeping summer sales program.
The US Sun reported on the announcement of Target’s summer, which will see 10,000 new deals from just $1.
On top of this thousands of the items sit below the $20, mostly targeted at summer.
What is Target Circle 360?
In April, Target launched its first-ever paid membership program, Target Circle 360.
For $99 a year, members get access to the following perks:
- Unlimited, free same-day delivery on orders over $35
- An extra 30 days to return your items
- Free two-day shipping on 100,000s of items
- 5% off in-store and online
- Automatic deals and exclusive partner perks
You can now get deals on a range of seasonal items, like swimwear, outdoor entertainment, snacks, beauty, home goods.
Target is holding these deals for shoppers right now, ands adding new products each month through August.
Every Saturday in June also brings out new Target Circle deals and free giveaways.
Target stores in the US is currently holding weekly giveaway events, giving shoppers the chance to grab limited-time Target Circle offers.
Rick Gomez, executive vice president and chief commercial officer, said: “Millions of families have been counting down the days to summer and the Target team is excited to help them make the most of the season.
“With more than 10,000 new items across our assortment, and many starting at just $1, we have something for every celebration — and it’s all fresh, fun, inspiring and incredibly affordable.”
These offers include things like 20% off Favorite Day treats and up to 50% off on Sun Squad pool and outdoor toys.
Target is also bringing you plenty of fashionable items for the summer.
The retailer is cutting prices on things like crochet dresses and totes.
All of this pressure on Target has led them to launch a very ambitious and sweeping summer sales program[/caption]
