Target wants to compete with Wal-Mart on price, but it doesn't need to be cheaper. According to the Business Journal, CEO Gregg Steinhafel said the retailer's goal is to be within 2 percent of its Arkansas-based rival.
"We want to be a penny higher than Wal-Mart," he said at a luncheon Monday. "So, if they have bananas for 48 cents, we want to have bananas for 49 cents. If it's a $10 item, the difference might be a nickel."
Steinhafel said the Minneapolis-based discount chain is more focused on providing shoppers a better experience in stores and online, KSTP reports.
In response to Wal-Mart's struggles to keep its shelves fully stocked, Steinhafel said store staffing is "the last place we're looking to cut."
Finance & Commerce notes Wal-Mart is set to begin building new stores in Cottage Grove, Andover and Roseville.