US retail giant Target has announced it will lower everyday regular prices on 5,000 frequently shopped products across its offering.

Everyday items include meat and dairy, fruit and vegetables, paper towels, diapers and pet food, which will be marked with red tags for high visibility.

The reduction has already been implemented on 1,500 products, with more price cuts planned for the remainder of 2024.

The pricing strategy is timed to coincide with Memorial Day, the Fourth of July and the 2024 back-to-school season, for which Target offers separate discounts.

The low prices also apply to Target-owned brands such as Good & Gather and Everspring, and on the retailer’s tapp.

Target routinely adjusts its prices to remain competitive within the US retail market.

The retailer recently reintroduced its free-to-join membership programme Target Circle which now applies deals automatically at checkout and features member-exclusive sales throughout the year.

Target executive vice-president and chief food, essentials and beauty officer Rick Gomez commented: "We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more. These new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop at Target each week.”

Target is also seeking to venture beyond its physical stores with a new revenue stream for its private-label products.