Target is changing its price-matching policy with competitors like Amazon and Walmart. In the past, Target customers were able to purchase a product from Target, and if they found a lower price at Walmart or Amazon within 14 days of purchase, they received a refund of the difference.
Starting on July 28, Target will discontinue price-matching with competitors, CBS News reported. Instead, Target customers can price-match items they bought from a Target store or Target.com within 14 days of purchase.
They're not the only retailer that discontinued competitor price-matching. Walmart did away with it in 2019, while other retailers, such as Best Buy and Home Depot still have price-matching policies in place.
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Target price-matching: Why it's changing
The biggest reason why Target discontinued its price-matching with competitors comes from its shoppers' behaviors. In a statement to CBS, Target said, "Guests overwhelmingly price match Target and not other retailers."
The news comes on the cusp of struggling sales performance from the retailer. Target (TGT) announced a 3% drop in sales from the first quarter, compared to the previous year's sales.
Target CEO Brian Cornell said Target was navigating a tough environment with declining customer confidence and uncertainty of how tariffs will impact prices moving forward. Cornell added that price hikes from tariffs would be the very last resort.
The retailer also faced its share of customer backlash, resulting from the company scaling back its DEI (diversity, equity and inclusion) program. This triggered boycotts, with foot traffic in stores declining by 6.8% in March, per Retail Brew.
How to price-match and save moving forward
With Target's price-matching policies changing, you still have ample tools at your disposal to compare prices quickly to find the best deals.
ShopSavvy is a free app you can download on your phone or tablet. I tried it out and found it very easy to use, and they won't share your data with retailers. Each day, they curate deals on everyday items, so you can find the best prices and buy quickly.
Another tool that can help you save money is Capital One Shopping. I've also used this, as it can help you find discounts as you shop and price-match Amazon items.
You download the browser extension for free, and every time you go to a website like Amazon or Target, it will populate any discounts available. Best of all, you don't need a Capital One account to sign up.
Overall, Target's discontinuation of its competitor price-matching policy signals the retailer's step into trying to reengage customers and drive foot traffic. Even with them discontinuing price-matching with competitors, there are many tools you can use to compare prices and save. That way, changes in retailers' policies won't impact you as much moving forward.
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