CBS News
Target to cut prices on 5,000 products in bid to lure cash-strapped customers
Target said Monday it plans to slash the price of bread, coffee, diapers and thousands of other everyday items this summer, joining other retailers looking to kickstart business by catering to inflation-weary consumers.
Target is cutting its prices because “consumers are feeling pressured to make the most of their budget,” Executive Vice President Rick Gomez said in a statement. Other staples being repriced include fruit, milk, meat, peanut butter, pet food, vegetables and paper towels, the Minnesota retailer said.
Target said it has already lowered the price on roughly 1,500 items, and the remaining cuts will take effect in coming weeks. The lowered prices will also be available through Target’s website and shopping app.
Target, which is scheduled to release its first-quarter earnings on Wednesday, in March reported a 1.7% drop in sales for 2023 — its first annual decline in seven years.
The move comes as the U.S. economy is slowing, even as inflation continues to ease.
“While there are some encouraging signs in the economy, there are also stubborn pressures impacting families and retails,” Christina Hennington, Target’s chief growth officer, said in an earnings call with analysts in March. “Consumers say they still feel stretched, they’re balancing a lot and having to make trade-offs to meet the needs of their families while sprinkling in the occasional luxury.”
The pullback in spending by budget-conscious consumers is also affecting other industries, including fast-food giant McDonald’s and casual-dining chains such as IHOP and Applebee’s.
In April, grocery chain Giant Food, which has 164 locations across Delaware, Maryland, Virginia and Washington, D.C., cut the price on hundreds of its private-label items. Arts supply retailer Michaels also lowered prices in April, slashing the cost of paint, markers, pens and other products.
CBS News
Kamala Harris will speak with “60 Minutes” tomorrow. Here’s what to know for the interview.
Voters will get the chance to hear from Vice President Kamala Harris on Monday as she presents her case for why she should be president in a “60 Minutes” election special.
For decades, “60 Minutes” has featured both Republican and Democratic nominees for presidents, but this year, former President Donald Trump backed out after previously indicating he would be on the show. Correspondent Scott Pelley, who’d been set to interview Trump, will instead travel to Arizona’s Maricopa County, home to more than 60% of Arizona’s voters and a critical battleground in a key swing state.
One thing is certain about the election; with the U.S. deeply involved in both the wars in Ukraine and the Middle East, whoever wins on Nov. 5 will become a wartime president.
What Harris will discuss
Israel’s war started one year ago after Hamas launched a surprise terror attack and correspondent Bill Whitaker will discuss the ongoing war with Harris.
Harris will also discuss the economy, immigration, her record as vice president and the differences between herself and Trump.
Democratic vice presidential candidate Gov. Tim Walz will also appear.
Whitaker joined the Democratic ticket on the campaign trail this week to gain insight into their platform’s priorities and values, and what the candidates believe voters should know.
Why Trump pulled out of the “60 Minutes” interview
Leading up to the candidate hour, Trump, through campaign spokespeople, was the first candidate to accept the “60 Minutes” request to be interviewed for the special, according to CBS News. It had been agreed that both candidates would receive equal time during the broadcast.
Trump last sat down with 60 Minutes in 2020. He walked out during the interview with Lesley Stahl. Trump referenced the incident on Tuesday night at a Milwaukee press conference when asked about his decision not to participate in the Oct. 7 “60 Minutes” election special.
“Well, right now, I went to – they came to me and would like me to do an interview, but first I want to get an apology, because the last time I did an interview with them, if you remember, they challenged me on the computer,” Trump said. “They said the ‘laptop from hell’ was from Russia, and I said it wasn’t from Russia. It was from Hunter, and I never got an apology, so I’m sort of waiting. I’d love to do ’60 Minutes.’ I do everything.”
The Republican nominee for president emphasized that he felt he was owed an apology from “60 Minutes.”
“Let’s see if they do it. I wouldn’t mind doing 60,” Trump continued. “I’ve done ’60 Minutes’ a lot.”
In a statement on Tuesday, Trump campaign communications director Steven Cheung said that Trump’s team had not agreed to an interview.
“Fake News,” Cheung said in a post on X. “60 Minutes begged for an interview, even after they were caught lying about Hunter Biden’s laptop back in 2020. There were initial discussions, but nothing was ever scheduled or locked in. They also insisted on doing live fact checking, which is unprecedented.”
Previous Trump, Harris appearances on 60 Minutes
Trump previously sat down with “60 Minutes'” Mike Wallace in 1985, Pelley in 2015 and Lesley Stahl twice in 2016, first in July of that year and then again in November of 2016. He also spoke with Stahl again in 2018 and 2020.
Harris previously sat down with Whitaker last year. She also was interviewed by Norah O’Donnell, “CBS Evening News” anchor and “60 Minutes” contributing correspondent, in 2020.
How to watch the “60 Minutes” election special
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.