US variety retailer Target said it will offer some everyday essentials at prices starting less than a dollar as part of the retailer's new private-label brand.
The move comes at a time when value-conscious customers are increasingly opting for cheaper private-label brands as cost-of-living pressures strain household budgets.
Prices of products such as apparel, cosmetics and electronic items that are housed under the private-label brand, known as dealworthy, will start from less than $1, with most under $10, Target said, adding that the goods will arrive in stores and on Target.com this month.
'Value Is Top Of Mind'
"We know that value is top of mind for consumers and dealworthy ... will not only appeal to our current guests but position us to attract even more new shoppers to Target," Rick Gomez, Target's executive vice president, said.
A Labour Department report showed US consumer prices rose more than expected in January amid a surge in the cost of rental housing.
Rival retailers such as Walmart and e-commerce giant Amazon.com also have low-price brands targeting customers looking for bargains on food and household items.
US Retail Sales
US retail sales fell by the most in nearly a year in January, but economists cautioned against reading too much into the decline, noting that winter storms as well as technical factors had distorted the data.
"It was a weak start to the year for consumers shopping at the malls, but the harsh winter weather effect looms large," said Christopher Rupkey, chief economist at FWDBONDS in New York.
Retail sales dropped 0.8% last month, the biggest drop since February 2023, the Commerce Department's Census Bureau said. Data for December was revised lower to show sales rising 0.4% instead of 0.6% as previously reported.
