Target slashes prices 50% on top holiday toys

New York City Target Corp. said Wednesday it is lowering prices by up to 50% on toys expected to be big sellers during the holiday season, the latest indication of how promotional the toy sector will be this holiday.

The reduced prices are in effect as of Oct. 1 through the holiday season. The discounted items include Barbie Fashion Doll ($5), GI Joe Tough Troopers Figure ($14.99), and the Fisher-Price Little People Play 'N Go Farm Set 50th Anniversary edition ($11).

“We are confident that we have low prices every day," said Tony Fisher, Target divisional merchandising manager, toys and sporting goods. "We continually shop the competition so our guests don't have to, and the additional discounts will help our guests make the most of their budgets this holiday season."

The price cuts are the latest move as retailers anticipate a weak holiday season. Target's chief rival, Wal-Mart Stores, is offering 100 toys at $10 or less, expanded from 10 toys last year.