Target holiday push includes matching online prices

Tue Oct 16, 2012 6:30pm EDT
 
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By Jessica Wohl

NEW YORK (Reuters) - Target Corp (TGT.N: Quote) will match certain online retailers' prices this holiday season as the discount chain tries to stand out during what could be a fierce fight for shoppers, Chief Executive Gregg Steinhafel said on Tuesday.

For the first time, Target will let customers match prices from online retailers, including Amazon.com (AMZN.O: Quote), Walmart.com (WMT.N: Quote), BestBuy.com (BBY.N: Quote), Toysrus.com TOY.UL and Babiesrus.com between November 1 and December 16, the company told reporters at a meeting in New York.

Target had previously matched printed advertisements for prices at competitors' stores, and will still match those prices through December 24.

Target's strategy includes being "highly promotional" and "intensely competitive" on price on items carried by other retailers, while also featuring exclusive merchandise, Steinhafel said.

Like many retailers, Target's holiday season plans include an aggressive push around Black Friday, the day after Thanksgiving that traditionally has served as the start of the holiday shopping season. Target did not say what time its stores will open on Black Friday, but it does plan to give out details early on its special prices, said Chief Marketing Officer Jeff Jones.

Commercials for the holiday season include phrases such as "Dream big, save bigger" and "It's On."

Steinhafel also said he is confident Target will meet its financial goals for the year, even though consumer confidence, while rising, remains largely below where it was before the devastating 2007-2009 recession.

Last week, Thomson Reuters/University of Michigan's preliminary October reading showed consumer sentiment at its highest level in five years.   Continued...

 
Target President and CEO Gregg Steinhafel speaks during an event announcing a holiday collection that partners Target and Neiman Marcus in New York, October 16, 2012. REUTERS/Keith Bedford