A customer purchases the vacation section at a Target store in Clifton, NJ. a
Adam Jeffery | CNBC
Target is trying to attract early bird this holiday season with the promise that they will get the lowest prices on gifts.
The discounter announced on Wednesday that from October 10th to December 24th, buyers will be able to request a price adjustment for all items purchased from Target for the first time if the price drops later in the season. Target said that within 14 days of a customer’s purchase, it will continue to match the prices of select competitors, as it did on previous holidays.
Target vies for buyers’ dollars against competitors like Walmart, Amazon, and Macy’s. Vacation forecasts call for a solid increase in consumer spending. However, retailers are also facing a number of other challenges, including inflationary pressures and slowdowns along the supply chain.
Shoppers are encouraged to shop earlier than ever to ensure they receive all of the items on their wish list. If not, consumers run the risk of stumbling across empty shelves.
Salesforce has forecast that consumer prices are expected to rise by up to 20% this holiday season. The pandemic has disrupted the entire supply chain, from temporary overseas factory closures to higher labor and transportation costs that are eroding companies’ profits. Retail is facing an additional $ 223 billion in cost of goods sold, according to Salesforce.
Target is kicking off its holiday boost with Deal Days online and in stores from October 10th to 12th this year.
The company had previously announced that it would be adopting a different personnel approach this Christmas season: it will cut seasonal new hires and give existing employees more hours.
Overall, the discounter expects that the current branch employees – a total of around 300,000 people – will work 5 million more hours during the holidays. Target still plans to hire around 100,000 seasonal workers, but that’s less than the more than 130,000 it hired in the last two holiday seasons.
The target stocks have risen by more than 32% since the beginning of the year. The company has a market value of $ 114 billion.