Why Target and McDonald's are cutting prices and offering deals

Walmart said last week that its grocery"rollbacks," short-term deals on specific items, were up 45% year over year in April.

Elsewhere, Aldi dropped prices earlier this month on more than 250 items, including chicken, steak, granola bars and frozen blueberries. And evenon Monday, saying it has already reduced prices on about 1,500 items and plans to cut prices on thousands more this summer. Many of those items are staples such as milk, peanut butter and diapers.

Some customers may be making those purchases at Walmart instead. Transactions on Walmart's website and stores rose 3.8% in the most recent quarter, and its e-commerce purchases shot up by 22% in the U.S., the company When Target cuts prices, customers have noticed and responded, Hennington said on the earnings call. For example, it noticed it didn't have low-priced tech accessories that customers wanted, such as charging cables and phone cases, she said.

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