The news: Target is cutting prices on more than 3,000 products across apparel, home goods, and essentials, joining other retailers trying to aid inflation-weary consumers heading into spring.

The discounts range from 5% to 20% and will run through spring. Goods with lower prices include clothing and footwear, bedding sets and sheets, household essentials, and baby items.

Competitors including Walmart, Amazon, and Kroger are also implementing price cuts or holding prices down to draw price-sensitive and deal-hungry shoppers. Consumer packaged-goods companies like Pepsi, Newell Brands, and General Mills pared prices on select products, in some cases by up to mid-teen percentages, as shoppers have pulled back on discretionary and nonessential items.

New chapter: The price cuts are part of a broader Target reset under new CEO Michael Fiddelke, the former CFO and COO who reshuffled the retailer’s management to put a tighter focus on merchandising and store operations.

Target has taken steps to strengthen its product assortment and refresh its merchandise mix, recently expanding a partnership with Levi’s to add its products to additional stores and striking a deal to carry Free People’s intimates brand, Intimately FP, in select stores and online.

Implications for Target: The latest price cuts show the retailer intends to pull many levers to try to entice customers and restore top-line growth after a multiyear sales slump. But lower prices and merchandise changes alone may not be enough. Target faces broader challenges, including stiff competition from larger rivals and the task of winning back some consumers it alienated after rolling back diversity, equity, and inclusion (DEI) initiatives last year.

This content is part of EMARKETER’s subscription Briefings, where we pair daily updates with data and analysis from forecasts and research reports. Our Briefings prepare you to start your day informed, to provide critical insights in an important meeting, and to understand the context of what’s happening in your industry. Non-clients can click here to get a demo of our full platform and coverage.