Experts: Target Price-Matching Offer May Not Have Many Takers

FARMINGDALE, N.Y. (CBSNewYork) -- Target is hoping to boost its holiday business, announcing it will match the online price of any of its top 30 competitors – including archrival Walmart.

But as TV 10/55 Long Island Bureau Chief Richard Rose reported, it is believed that few Target customers will actually act on the offer.

At a Target store in Farmingdale, Long Island, shoppers were delighted to hear about the online price-match offer.

"I think that's great," said Kedra Burhart of Islandia, Suffolk County. "I think that's happening at a lot of stores, and it's nice to see them catching up."

Many of Target's biggest rivals already offer to match prices. Even while shopping, Eric Thomas of Brooklyn tries to keep up with it all on his smartphone.

"A lot of times, I'll do an app in person or a price in person for that," Thomas said.

Analysts said Target's move is more of a symbolic gesture that it will slug it out pricewise with its competitors, believing instead that it will have little effect on Target's bottom line.

That is because in the past, fewer than 5 percent of consumers have ever collected on a price match.

CBS News Business Analyst Jill Schlesinger said Target also requires consumers to prove their claims.

"It's kind of funny – it could almost be seen as anti-consumer. It's kind of a pain in the neck," Schlesinger said. "There are guidelines; limitations. It has to be the exact item, in store, the exact size – that can be kind of off-putting."

Elizabeth Rosmarin and her husband, Arthur, said they will start comparing online. But they are not ready to rush the Target counter for a small price difference.

"I would if it's worth my while, but I have to consider the price of gas too," said Elizabeth Rosmarin, of Massapequa Park.

Target's offer to match prices with even Walmart already has some of its rivals' loyal shoppers thinking of switching.

"Money is money, honey, and when you're a senior, you want to go to the cheapest place ever, so I will try it," said Mary Burton of Farmingdale.

Target customers who do try it will have up to two weeks to collect on a lower posted price.

It is the first time in two years that Target has agreed to match the prices of its rivals.