Yesterday has been the best news for millennial and Gen Z women in the past decade…

Target has announced it will begin to reduce prices and cancel orders to help reduce an excessive amount of inventory. The news comes as many retailers are finding that the spending habits of the pandemic are no longer a thing. Last month, Target reported profits fell by 52% in Q1.

“Sales of big TVs and small kitchen appliances that Americans loaded up on during the pandemic have faded, leaving Target with a bloated inventory that it said must be marked down to sell.”

The AP said.

Groceries, household essentials, and beauty products are the new growth targets for Target. The retail giant also plans to improve upstream supply chains by adding some new distribution centers.

Not only is inflation placing pressure on in-store actions, but gas prices are hitting transportation like a brick wall. Target stated it will take “pricing actions to address the impact of unusually high transportation and fuel costs.”

“Target’s business continues to generate healthy increases in traffic and sales, despite sustained volatility in the macro environment, including shifting consumer buying patterns and rapidly changing operating conditions.

Since we reported our first quarter results, we have continued to monitor external conditions and have determined the necessary actions to remain nimble in the current environment. The additional steps we are announcing today will ensure that we deliver for our guests while driving further growth.

While these decisions will result in additional costs in the second quarter, we’re confident this rapid response will pay off for our business and our shareholders over time, resulting in improved profitability in the second half of the year and beyond.”

Brian Cornell, CEO of Target said.