Target (NYSE:TGT) announced Thursday that it will hire 100,000 seasonal workers for the holidays and start offering markdowns the first week of October.
The company said the new workers will be hired after existing Target workers are given a chance to set their holiday shifts. Target hired the same number of workers for the 2021 shopping season, after hiring 130,000 the previous year. Starting wages range between $15 and $24 an hour.
Walmart, meanwhile, said this week that it plans to hire 40,000 workers for the holidays, far fewer than the 150,000 it added last year.
After struggling with labor shortages last year, retailers more recently have been forced to offer steep markdowns to move excess inventory. In its most recent earnings report, Target saw quarterly profit fall almost 90% as it slashed prices to attract buyers.
Target also said Thursday that it will begin its Target Deal Day promotions earlier than in past years, with markdowns beginning Oct. 6. Shoppers also can take advantage of Target’s price-matching program from early October until Dec. 24.
Despite the early deals, Target and other retailers may not get a big boost this holiday season. Forecasts for holiday sales this year have been modest, with some estimates predicting growth of 1% to 3% from 2021 when stripping out the effect of inflation.
TGT shares dropped $2.67, or 1.7% to $156.36.
