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New York
CNN
—
Target is changing a roughly decade-old policy that let customers save some extra cash.
The retailer is altering its “price match” policy, which allowed customers to request and receive a refund for the difference of a product if the shopper found the identical item cheaper at Amazon, Walmart or Target itself within 14 days of purchase.
That’s changing beginning July 28: The price match policy will be valid only if customers found an item for a cheaper price at Target’s stores or website within two weeks of purchase. It will no longer apply to Amazon and Walmart prices.
Target’s price-matching policy started in 2013. Amazon doesn’t have a price match policy, and Walmart ended theirs in 2019.
The changes come after a rough quarter for Target, with sales at stores open for at least a year tumbling 3.8% compared to the same quarter a year prior. This was partly because of tariff-related uncertainty as well as backlash from some customers about its reversal on diversity, equity and inclusion programs, executives said.
“We faced several additional headwinds this quarter, including five consecutive months of declining consumer confidence, uncertainty regarding the impact of potential tariffs, and the reaction to the updates we shared on (DEI) in January,” Target CEO Brian Cornell said on a call with analysts in May.
Cornell warned of “massive potential costs” from tariffs, but he said Target could offset them by diversifying suppliers, adjusting products and possible price hikes.
Target (TGT) is set to release earnings on August 20. Shares have fallen 25% so far this year.
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