Food and beverages accounted for 23%, or about $24.33 billion, of Target’s fiscal 2023 sales, up from 21%, or $22.59 billion, in fiscal 2022.

Products Target is lowering prices on include milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter and coffee, among others.

In FMI's “Power of Private Brands 2023” report, 53% of consumers said private label offerings are very or extremely important in determining where they shop.