Target cuts prices on 3,000 items as affordability crisis brews

Driving the news: Target said Tuesday it is lowering prices on pantry staples, baby goods and cleaning supplies — part of what the company calls its effort to make "everyday shopping more affordable through the holidays."

• The retailer also brought back its Thanksgiving meal for four for under $20, which it calls its "lowest price ever." It's available to purchase starting Nov. 16.
• Last year's meal cost $20 flat and included Del Monte green beans and Campbell's cream of mushroom soup. This year's version swaps those out for store-brand Good & Gather frozen corn and French bread. The Good & Gather turkey remains 79 cents per pound, matching 2024's price.
• Retailers are fighting a Thanksgiving price war, driving down costs for meal bundles to record lows even as bird flu-driven shortages threaten the nation's turkey supply.

The big picture: Target — one of the nation's largest retailers — has been struggling to find its groove on pricing and merchandising.

• The company has leaned harder into value messaging this year as inflation lingers and consumers remain cautious with discretionary spending.

Zoom out: The push comes as millions of Americans face new food insecurity, following a halt in federal SNAP benefits amid the government shutdown.

• Food banks across the country are reporting surging demand and in many communities, neighbors are filling the gap through front-yard pantries and mutual-aid efforts.
• Most people say they're paying more for groceries now than a year ago, even as the administration insists prices are going down, not up.