Target is offering a basket of “must-have” back-to-school items for less than $20, as it promises to maintain 2024 prices on products such as crayons, notebooks, and folders despite economic uncertainty surrounding tariffs.
Target has tapped the promotional strategy frequently in recent years, cutting or maintaining prices on important seasonal categories such as toys or Thanksgiving meal supplies, while also promoting lists of related items as falling under a certain amount.
In this case, that list includes super-low-cost items such as $0.50 composition books, $3 lunch sacks, and $5 backpacks.
Still focused on affordability: In a recent earnings call, Rick Gomez, EVP and chief commercial officer at Target, said back-to-school was the store’s “second biggest season of the year,” behind the holidays and that its assortment would build on Target’s commitment to provide affordability to customers around key life moments.
- The store has struggled in recent months with a drop-off in foot traffic and reputational damage incurred following the company’s decision to roll back its diversity, equity, and inclusion (DEI) initiatives.
Target’s renewed focus on affordability originated after the height of the Covid-19 pandemic, and so far it’s stayed on message in the face of potentially inflationary tariffs.
“We have many levers to use in mitigating the impact of tariffs, and price is the very last resort,” John Hulbert, VP of investor relations at Target, told shareholders during a Q1 earnings call. Other retailers and brands have made similar commitments to hold the line on prices, and some have similarly promised to lock in prices at historical levels.
This report was originally published by Retail Brew.