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Target cuts prices on thousands of basic items to lure budget shoppers away from Walmart

Target will slash prices on thousands of everyday basics from bread to diapers this summer in an attempt to appeal to cash-strapped consumers and compete with its discount rival Walmart.

The Monday announcement came just a couple of days before Target releases its first financials for the year Wednesday and less than a week after Walmart's strong earnings shot its shares to a record high as the budget retailer continues to gain more affluent shoppers who are typically Target's demographic.

Target has been in a rut for almost a year with customers cutting back on discretionary shopping, and with this new price reduction, the Minneapolis-based retailer seems to be targeting Walmart's usual budget shopper in return.


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