Target lowering prices: What you need to know

Chain retailer Target is lowering prices on thousands of items in stores across the U.S. to compete with online retailers like Amazon.com.

The retailer announced it was changing prices on items like cereal, paper towels, baby formula, bath tissue and more. Target will also continue to offer special sales and additional savings on products throughout the year.

"We want our guests to feel a sense of satisfaction every time they shop at Target," says Mark Tritton, Target executive vice president and chief merchandising officer. "Part of that is removing the guesswork to ensure they feel confident they're getting a great, low price every day."

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