Target Lowers Prices on More Than 3,000 Products

Target announced on Wednesday it was reducing prices for more than 3,000 "on-trend" items across apparel, home baby, food and beverages for spring. The company said most of the price reductions would be between 5 percent and 20 percent. It's unclear how long the lower prices will last. Cara Sylvester, executive vice president and chief merchandising officer, said the prices were lowered with families in mind.

"By investing in lower prices on the trending products guests love and the essentials they need, Target is delivering even greater value as busy families welcome the new season," the company said.

Total Retail's Take: The announcement comes on the heels of Target posting another quarter of falling revenue and decreased customer traffic at its stores. The big-box retailer is in the middle of a turnaround effort being led by its new CEO Michael Fiddelke, who is tasked with differentiating Target's value proposition amid mounting pressure. Target isn't the only brand to announce it was lowering prices; PepsiCo did the same thing ahead of the Super Bowl last month. The price decreases suggests retailers and CPG brands are paying attention to price sensitivity among cautious consumers in order to maintain volume and loyalty.