Retail stores and grocers are cutting prices and offering a bigger assortment of low-cost products to attract shoppers who are pulling back on spending in the face of an uncertain economy .

Aldi, widely known as a budget-friendly grocery chain, said on Thursday that it's cutting prices on more than 400 products, equating to nearly 25% of its store selection.

By dropping prices on products across its over 2,400 stores, Aldi said customers will collectively save $100 million this summer.

"While customers may see higher prices at other retailers, we’re working hard to unlock even more value for our shoppers, just in time for summer’s lineup of holidays and gatherings where food takes center stage," Aldi CEO Jason Hart said in a statement.

Target CEO Brian Cornell told analysts during t

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