Neal McNeil
Target Corporation (NYSE:TGT) plans to end its guarantee to price-match products sold at Amazon (AMZN) and Walmart (NYSE:WMT) on July 28.
Currently, Target (NYSE:TGT) matches the price shoppers may find on a qualifying item at Amazon (AMZN) and Walmart (NYSE:WMT). Price matches may be requested at the time of purchase or within 14 days after purchase.
A spokesperson for the retailer confirmed the policy change will go into effect on July 28. The new strategy will see Target (TGT) only match its own in-store and online prices found at Target.com if the price drops within 14 days
“We’ve found our guests overwhelmingly price match Target and not other retailers, which reflects the great value and trust in pricing consumers see across our assortment and deals,” a Target (TGT) official said in a statement. “Starting July 28, we’ll update our Price Match Guarantee policy to reflect this, allowing consumers to continue to shop with confidence at Target stores and Target.com.”
It was also noted that Target’s (TGT) new policy matches what the rest of the industry does.
Notably, Walmart (CFO) John Rainey told CNBC on Tuesday that the retail giant has not raised prices in response to tariffs, opting to take market share amid the profit headwind. Retail sector analysts have noted that there is very little middle ground on tariff costs, as companies weigh raising prices or taking the hit to proftability.
Shares of Target (TGT) rose 2.8% in Tuesday morning trading. Walmart (WMT) was up 0.3%.