What is LTO in retail?

Could you elaborate on the meaning and significance of LTO in the context of retail? I'm curious to understand how it's being utilized within the retail industry and if it's a new trend or a well-established concept. Specifically, is LTO referring to a limited-time offer, a type of product, or perhaps a specific retail strategy? I'm interested in the potential impact it has on consumer behavior, sales, and overall retail operations. Additionally, are there any best practices or challenges retailers should be aware of when implementing LTO?