Target launches its cheapest private label yet

The Street
The Street
  • 7 months ago
TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and Target’s newest, cheapest private label to date.

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Transcript
00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange.
00:03 Stocks are in the green to close out today's session.
00:06 The Dow closed up nearly 350 points, the tech-heavy Nasdaq up 0.3%, while the S&P 500 closed just
00:13 over 0.5% higher.
00:15 All this price action comes as investors continue to digest retail sales, which fell more than
00:19 expected, raising concerns about the state of the U.S. consumer.
00:24 Investors are also looking ahead to the final economic report of this busy data week when
00:28 the producer price index drops on Friday.
00:31 This report measures the price wholesalers pay for goods and services and could sway
00:35 the U.S. Federal Reserve's upcoming interest rate decisions.
00:39 In other news, Target is adding another private label to its collection and it promises it'll
00:44 be the cheapest one yet.
00:46 Its new brand, Dealworthy, will roll out this month and offers budget-conscious customers
00:51 400 different items to choose from, with most costing less than $10 and some at just $1.
00:58 Dealworthy will offer customers products from apparel and accessories, essentials and beauty,
01:03 electronics as well as home items.
01:06 Of the new brand launch, Target executive Rick Gomez said, "We know that value is top
01:10 of mind for consumers, and Dealworthy, backed by our own brand promise, will not only appeal
01:16 to our current guests but position us to attract even more shoppers to Target."
01:21 The company has 45 different private labels that generate more than $30 billion in annual
01:26 sales.
01:27 However, quarterly sales dipped for the first time in six years this past summer and overall
01:31 sales have now decreased for two consecutive quarters.
01:35 That will do it for your daily briefing.
01:37 From the floor of the New York Stock Exchange, I'm J.D. Durkin with the Street.
01:40 Thanks for watching.
01:41 Have a great day.
01:41 [BLANK_AUDIO]

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