Target is doing everything it can to stay competitive after Amazon announced last week that they're cutting prices at Whole Foods across the country. According to CSNBC, Target is promising to drop prices permanently on thousands of their products ranging from paper towels, cereal, baby formula, razors and similar products. They announced it on the Target blog on Friday.

Target shares dip following retailer's promise to slash prices from CNBC.

This announcement happened on Friday, which ran parallel to Target shares trading at about 3 percent lower than average. It's not just Target either. The story also noted other retail giants like Walmart and Costco having suffered losses since Amazon's announcement.

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According to Fox News, the permanent lowering of prices will also reduce the amount of temporary promotional sales, so shoppers can feel confident they made the right purchase at the right price.

So if you're looking for essentials, it might not hurt to find out how much these prices have dropped. And while we're thinking about it, keep an eye out for other retail giants as they adapt to Amazon taking over the world.

There's a Target in both Longview and Tyler, among many other locations you can find here.