In the news:
| Target fired back at rival Walmart with price cuts of as much as 50% on toys like Barbie and G.I. Joe, as the megachain works to woo shoppers during the holiday season. The retailer's move Wednesday comes just days after Walmart expanded its $10 holiday toys program, offering more than 100 toys - including Mattel's Barbie dolls and some board games - for $10 each. Target is countering with items like $5 Barbie dolls and a $15 G.I. Joe action figure from Hasbro. Target's discounted items also include the Fisher-Price Little People Play 'N Go Farm Set 50th Anniversary edition for $11. Target has said there is a perception among shoppers that its competitors offer lower prices. It has worked this year to change that view. The retailer is placing a bigger emphasis on the "Pay Less" side of its "Expect More. Pay Less" tagline, and adding signs in stores that point out deals for less than $5, less than $10 and less than $15. Target also said that, if it does not offer the lowest price, stores nationwide will match locally advertised prices on identical items. The holiday shopping season is critical for toymakers and retailers alike as parents usually splurge on gifts for children even when cutting back on themselves. But the 2008 holiday sales season was dismal, forcing toy companies to rework their strategy for this year. Mattel and Hasbro are making fewer products and emphasizing new items at lower prices, realizing that consumers may not want to shell out hundreds of dollars for toys. Certain Barbie dolls, Nerf Blaster guns and "The Beatles: Rock Band" video game are some of the toys expected to fly off shelves this holiday season, one list showed. |
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