Target slashes toy prices 50% for the holidays

Hottest holiday toys -- kid tested

TimetoPlayMag.com picks Barbie Fashionistas, Crayola Crayon Town and LEGO Star Wars among the top toys of the year. Our experts, all under the age of 10, weigh in.

View photos

Quick Vote

Do you expect to be better off financially in 2010?

• Yes, a lot
• Yes, a little
• About the same
• No, worse off

or View results

NEW YORK (CNNMoney.com) -- Discount retailer Target is offering up to half off of popular toys like Barbie and Fisher Price to lure bargain hunters this holiday season, said a company statement released Wednesday.

Minneapolis-based Target Corp. (TGT, Fortune 500) said the price cuts went into effect Oct. 1 and will remain in place throughout the holiday season.

"We continually shop the competition so our guests don't have to," said Tony Fisher, a divisional merchandising manager, in a prepared statement.

A selection of toys are discounted by as much as 50%, including the Barbie Fashion Doll, on sale for $5, and the GI Joe Tough Troopers Figure, marked down to $14.99. Most are available both online and in stores. (For a list of discounted toys, visit target.com/weeklyad.)

Target's announcement follows a similar move in September by rival Wal-Mart (WMT, Fortune 500), which said it will offer 100 toys for $10 through the Christmas holiday. Last year, the Wal-Mart program included only 10 toys.

Whether these efforts will pay off in the form of stronger sales remains to be seen. Retailers are bracing for another potentially weak holiday shopping season amid an uncertain economic recovery.