Latest news with #GreggSteinhafel
Time of India
7 days ago
- Business
- Time of India
Target ends 12-year Amazon and Walmart price match policy amid slowing sales and shifting consumer habits
Target is pulling the plug on a long-standing price match policy that allowed customers to secure deals matching those offered by Amazon and Walmart, marking the end of a 12-year effort to remain competitive in the online retail space. Beginning July 28, shoppers will no longer be able to request a price match for items sold and fulfilled by Amazon or Walmart, Target confirmed on Tuesday(July 22). Instead, the retailer will only honor price match requests for products available at Target stores or on Explore courses from Top Institutes in Please select course: Select a Course Category Others others Leadership Data Science Design Thinking PGDM Data Analytics Data Science CXO Digital Marketing Finance healthcare Healthcare Cybersecurity Public Policy Management MCA MBA Project Management Technology Artificial Intelligence Product Management Operations Management Degree Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details The now-scrapped policy, introduced in 2013 under then-CEO Gregg Steinhafel, permitted customers to present proof of a lower price on an identical item, same brand, size, weight, color, and model number, within 14 days of purchase. It was positioned at the time as part of Target's commitment to offering 'unbeatable value.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Even Beautiful Women Have Their 'Oops' Moments Read More Undo But Target says consumer habits have shifted. 'Guests overwhelmingly price match within Target and not with other retailers,' a spokesperson said, explaining the rationale behind the change. The move comes as Target struggles to reignite sales momentum and draw shoppers back into stores. In its most recent quarterly report, the company posted a 2.9 percent decline in sales year-over-year, pointing to softening consumer demand. Live Events Target CEO Brian Cornell said in May that the company is operating in an 'exceptionally challenging environment,' citing eroding consumer confidence and uncertainty around global trade as ongoing hurdles. Retail rivals are facing similar headwinds. Americans have tightened their wallets in recent months, wary of inflation and economic uncertainty. The Conference Board's Consumer Confidence Index fell by 5.4 points in June, indicating growing caution among shoppers. Despite stepping back from cross-retailer price matching, Target's decision may open space for competitors like Best Buy and Home Depot, which continue to offer price match guarantees. Walmart, meanwhile, maintains a price match policy but only for items sold on not by other retailers.
Miami Herald
7 days ago
- Business
- Miami Herald
Target to end price match policy — and customers are seeing red. ‘Not a good move'
Target is planning to ditch its competitor price match policy, a decision that has some customers seeing red. Starting July 28, the retail giant said it will only offer price matching between Target stores and a company spokesperson confirmed to McClatchy News. For more than a decade, Target's 'price match guarantee' allowed customers to match the price of identical items sold at a lower price by Walmart and Amazon, in addition to its own stores, according to its website. For example, customers could match prices on in-store purchases, and vice versa. Prices can be matched at the time of purchase or within 14 days, Target said. 'We've found our guests overwhelmingly price match Target and not other retailers, which reflects the great value and trust in pricing that consumers see across our assortment and deals,' a Target spokesperson told McClatchy News in a statement July 21. The Minneapolis-based retailer launched its price match policy in 2013 in a move then-CEO Gregg Steinhafel said would offer shoppers an 'unbeatable value,' CBS News reported. The new policy will allow customers to 'continue to shop with confidence,' the Target spokesperson said. A notice shared in stores also cited 'guest feedback' for the changes, which have drawn the ire of some shoppers. 'I used to shop at Target a lot,' one person wrote on Reddit. 'Not anymore. This is ridiculous, and not a good move.' 'What, do guests not like saving money?' wrote another. 'I'd price match Amazon or Walmart at times and then use my discount (yes this follows policy),' another shopper posted on Reddit, adding: 'Well, I'll just buy less or buy it where it's cheaper.' The changes comes as Target struggles with lagging sales, due in part to ongoing fallout over the company's decision to roll back its diversity, equity and inclusion initiatives, as reported by KCRA and CNN. The company also pointed to backlash over LGBTQ-themed items offered at stores during Pride Month in 2023. First-quarter sales this year dipped nearly 4 percent as the retailer 'navigated a highly challenging environment,' Target CEO Brian Cornell said in an earnings report published in May. '...We're not satisfied with current performance and know we have opportunities to deliver faster progress on our roadmap for growth,' Cornell said. Target was the last to continue offering a price match guarantee on items from competitors, according to NewsNation. Walmart doesn't offer price matching for rival retailers — only online and in-store purchases, its website says. Amazon currently does not offer price matching.
