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Target to close stores in response to theft
Citing concerns over organized retail theft and the importance of safety for its employees, Target has announced it will close several stores in select U.S. cities, including San Francisco and Minneapolis. LiveNOW's Carel Lajara spoke with FOX 2 Bay Area reporter Crystal Bailey and FOX 9 Minneapolis reporter Maury Glover. More LiveNOW from FOX streaming video
Target’s new dealworthy low-cost brand promises hundreds of "everyday basics" at prices starting at less than $1.
A news release from Target says Dealworthy's nearly 400 items will include apparel, accessories, beauty, electronics and home items.
"Starting at less than $1 and with most under $10, the prices on dealworthy items are among the lowest guests will find across Target's assortment," the news release states. "Some items, like phone cases, will be prices 50% lower than any other brands sold at Target."
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The dealworthy items are expected to hit shelves sometime in February. The dealworth line will expand and introduce new items throughout 2024 and 2025.
Target says you can expect to see things like power cords, undergarments, socks, laundry detergent, dish soap and more.
"We know that value is top of mind for consumers," Rick Gomez, Target’s executive vice president and chief food, essentials and beauty officer, said in a statement.
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Inflation remains a frustrating topic for millions of Americans, as food makers and other industries raise prices to preserve profits.
Target has launched a low-cost brand with items starting under $1 (Photo by STEFANI REYNOLDS/AFP via Getty Images)
Retail sales fell 0.8% in January following a strong holiday season. Economists say the slowdown shows that shoppers may finally be buckling under higher interest rates and other financial hurdles, and that the economic momentum from the end of 2023 could be starting to fade.
Target Chief Growth Officer Christina Hennington said on an earnings call that inflation in certain categories has been "meaningful" over the last several years, and that it's "going to take a while to overcome," Fox News reports.
The Associated Press and Fox News contributed to this report.