The price reductions will be across national brands and Target's own private brands, including food and beverages, everyday essentials and holiday gifts, it said.
The move comes ahead of the shorter-than-usual key shopping period this year, and against a backdrop of frugal consumer behavior.
Rival Walmart (WMT.N) has also been pushing to keep prices on essentials low as many Americans turn to discount shopping amid sticky inflation.
In August, Target raised its full-year profit forecast and reported its first increase in quarterly comparable sales in over a year, driven by price cuts.
The Minneapolis-based retailer has hired about 100,000 seasonal workers ahead of the holiday season.
