Target Announces Return of ‘Deal Days,’ Amazon Prime Day Competitor – Footwear News

Target is bringing back its annual sales event in July, during the same period Amazon’s Prime Day is expected to occur.

In its fourth annual iteration, Target’s Deal Days event will run online via the Target app and website between July 11 and 13. The three-day sales event will include deal on “hundreds of thousands of items” across food and beverage, electronics, beauty, home, apparel and toys and will not require any membership fees.

Amazon announced last week that its annual two-day sales event, Prime Day, will return on July 12 and 13. This annual shopping holiday event is known to be one of Amazon’s biggest sales days of the year. This year, the event will include savings on brands such as Beats, Casper, Levi’s, iRobot, SharkNinja and more.

Target’s Deal Day event comes at a critical time for the retailer, which announced earlier this month that it would take efforts to “right-size” inventory for the balance of the year as it looks to unload excess stock in its supply chain.

Target in May said its disappointing earnings in the first quarter of 2022 were a result of high fuel and transportation costs as well as excess inventory in its supply chain. Target saw an unexpected sales slowdown in categories such as home, electronics, sporting goods and apparel as consumers spent most actively across essential categories like food and beverage. As a result, the company had to pursue temporary storage capacity options to manage excess inventory.

The retailer said it would take several steps in Q2 to move through the excess including additional markdowns, removing excess inventory, and canceling orders. The company’s Deal Day will likely help unload some of this inventory, given the deals expected to live across multiple categories.

“With this year’s event being our biggest ever, guests can shop more incredible deals and items, with three full days to save on must-have products that will bring them joy all summer and beyond,” said Target EVP and chief growth officer Christina Hennington. “From offering the most sought-after brands in retail and unparalleled savings to multiple, convenient fulfillment options within our nearly 2,000 stores, guests can shop Target with ease and confidence, knowing they are getting an incredible value.”

Source link