Retailers slashing prices this summer following store closures nationwide
News 12 Connecticut’s Angelica Toruno spoke with an expert from Quinnipiac University on how to save on shopping this summer.
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Big retailers began slashing their prices - just in time for summer deals.
Price tags have ticked up in recent years, but now shoppers will see a dip in prices at as early as Tuesday.
Target slashed prices on 1,500 popular items, ranging from butter to laundry detergent. Seventy-five-count Clorox wipes will drop from $5.79 to $4.99, while a pound of Good & Gather unsalted butter is going from $3.99 to $3.79.
"That's a sign that customers are really feeling the pinch of the higher prices and trying to economize on their budget,” said Christopher Ball, associate professor of economics at Quinnipiac University.
Target will have more price cuts over the summer – amounting to 5,000 items – focusing on everyday items like milk, fresh fruit, diapers and pet food.
Franchises like McDonald’s plan to sell a $5 meal bundle this summer, while Wendy’s will be having a $3 breakfast combo meal this week.
"But you're surely losing money on that or not making much and so there's a danger,” said Ball.
Businesses like Red Lobster recently filed for bankruptcy, blaming it in part on their endless shrimp deal. In February, Macy’s announced it was closing down store locations across the country.
"They're not long-lasting, they'll cut a price and it'll go away and do a single,” said Ball.
He says it's a good time for shoppers to take advantage while the low prices last.
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