Target ends price matching policy for Amazon and Walmart products

Target is ending a price matching policy that for 12 years allowed customers to request a price match if they found an identical item with a lower cost at competitors Amazon or Walmart.

The policy enabled a price match if shoppers could provide proof of the lower price within 14 days of their purchase. The product had to be identical in brand name, size, weight, color and model number, and had to be sold and fulfilled by Amazon or Walmart, according to the Target policy.

After July 28, customers will only be able to request a price match for products sold at either Target or Target.com, not competitors Amazon and Walmart, according to a Target spokesperson. The company said that it's ending price matching for products sold by the two rival retailers because "guests overwhelmingly price match Target and not other retailers."

Target introduced its competitor price match policy in 2013. At the time, former Target CEO and president Gregg Steinhafel said the policy provided "unbeatable value."

Other retailers that have price matching policies include Best Buy and Home Depot. Walmart also has a price matching policy, although it's for Walmart.com, not competitors.

Target's decision to end its price matching policy comes as the retailer is struggling to boost sales and store traffic. In its most recent earnings report released in May, the company reported a nearly 3% decline in sales during the first quarter compared to the same time last year.

At the time, Target CEO Brian Cornell said the retailer was navigating an "exceptionally challenging environment," citing declining consumer confidence and uncertainty around tariffs as some of the headwinds.

Other retailers are also facing challenges as consumers pull back on spending. The Conference Board Consumer Confidence Index, which tracks Americans' sentiment toward business and labor market conditions, fell 5.4 points in June, a sign consumers may be more cautious about the state of the economy.

The Associated Press contributed to this report.