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Major retailors dropping prices, expert says to attract more customers

One IU expert says the goal is to get more people in their stores.
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Posted at 9:42 PM, May 28, 2024

INDIANAPOLIS — Major retailers are making some changes for the sake of affordability and to hold on to customers.

Target has announced it will be dropping the prices on 5,000 everyday items. Everything from butter to some convenience items. It's something consumers say is a long time coming.

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"It is definitely a great decision,” Silvia Seidle, a local Target Shopper said. “When you are slashing prices you are appealing to the customers that shop there and are the reason that the store is there, so if you are cutting prices I see that as a win for everyone."

"Well it's good for them because it will grow more people to come to buy things,” Rick Williams from Greenwood said.

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That's the main reason experts say retail chains are dropping prices. According to a report from ABC news, in March, Target saw its first decline in sales in seven years. While Walmart has continued to see strong sales.

"Walmart has positioned themselves as the destination for low prices throughout history and target has been known for this slightly more upscale experience,” John Talbott the Director for the Center for Education and Research in Retail at the Indiana University Kelley School of business said.

Some of the items that target has promised to mark down are already at the Target WRTV’S Meredith Hackler visited in Southport, while others are not. However, Talbott says when stores make these decisions to drop prices it's often about perception.

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"It's only a subset of everything but perceptually that is really important for consumers to think 'oh look maybe Target is helping me out again',” Talbott said. “Now I can go there for onE stop and pick up the stuff I was getting over at Walmart and not have to go to two places."

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He says the goal is to get more people in their stores. Which is why Talbott says if you are trying to save money stick to your list.

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"Planning that trip going and buying the things that you need and walking away and not picking up that can of Red Bull at the end of the counter when you are shopping and you are a little tired,” Talbott said.

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Target says their price reductions will take place over the course of the summer. We reached out Target for an interview but they weren't able to accommodate one.

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