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Target to price match Amazon, Best Buy and other online retailer prices

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Target announced today that it has begun matching online prices from Amazon, Best Buy, Walmart, Toys R Us and its own Target.com, according to a press release from the retailer.

"If you buy a qualifying item at a Target store then find the identical item for less in the following week's Target weekly ad or within seven days at Target.com, Amazon.com, Walmart.com, BestBuy.com, ToysRUs.com, BabiesRUs.com or in a competitor's local printed ad, we'll match the price," Target's Price Match Guarantee reads.

Reuters reports that Target's new policy is similar to a holiday promotion that ran from Nov. 1 through Dec. 16. Today's announcement makes price matching with online competitors permanent. Target will also match prices for items that are out of stock on Target.com.

"Guests can confidently shop at Target every day for the best value in retail," said Gregg Steinhafel, Target's chairman, president and CEO. "We know that our guests often compare prices online. With our new Price Match Policy and the additional five percent savings guests receive when they use their REDcard, Target provides an unbeatable value."

According to the Associated Press, Best Buy's price matching policy for online retailers ends Jan. 31, while Walmart does not match online competitor's prices. Toys R Us has been matching its competitor's online prices since last summer.