Target slashes toy prices 50% for the holidays
Discount retailer is cutting prices on top sellers like Barbie and GI Joe beginning in October, through the holiday season.
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. 
