Updated version 2 — As the holiday shopping season approaches, Target has lowered the prices of nearly 2,000 products.

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Reuters, September 29 - Target Corp (TGT.N) said on Tuesday it will cut prices on nearly 2,000 home goods, apparel, and accessories in order to attract price-conscious consumers ahead of the crucial holiday shopping season.

To address the current cautious consumer environment, major U.S. retailers including Walmart and Target have announced price cuts to enhance their appeal to households financially strained by higher gasoline prices amid the Middle East conflict.

Target earlier this year reduced prices on more than 3,000 products (link), and after posting better-than-expected results for the third consecutive quarter in August raised its annual forecast (link), indicating that efforts to revive growth under CEO Michael Fiddelke (link)are paying off.

Retail giant Walmart in August reported its slowest quarterly same-store sales growth (link), and announced it will cut prices on about 11,000 products, partly because it received $2.9 billion in tariff refunds.

“Customers want to buy quality products at great value, and that is one of the most important things we work to provide every day,” said Target’s Chief Merchandising Officer Cara Sylvester.

The company said this round of price cuts is an extension of last year’s efforts, which saw more than 10,000 products lowered in price.

Target said it will reduce prices on women’s, men’s, and baby apparel as well as family footwear, with some products priced 20% or more below last year’s levels. The retailer is also updating its bedding assortment, with prices averaging 15% less than a year ago.

The company said these price cuts will add further value beyond its regular pricing and weekly promotions.

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