Target has lost billions in market value since the controversy stemming from the retailer’s rollout of its eyebrow-raising LGBTQ Pride collection.
Last Wednesday, Target’s stock closed at $160.96 a share — giving the big-box retail chain a market capitalization of $74.3 billion. However, Target’s stock was trading at $141.76 — dropping the market capitalization to $65.3 billion. Within a week, Target dropped by 12% and lost $9 billion in market share.
The intense backlash was sparked by Target selling products that many Americans found to be problematic.
Earlier this month, it was revealed that Target sells LGBTQ-themed onesies for babies, children’s books advocating for drag queen shows, “Support trans futures” T-shirts, “trans pride, trans power” greeting cards, and “tuck-friendly” bathing suits.
Making matters worse for the retailer, Target was exposed for selling products from a transgender designer who appeared to promote violence, drug use, and satanism.
Following the overwhelming backlash, Target removed some of the LGBTQ Pride merchandise.
To late to fix now. Target shot themselves in the foot just as Anheuser Bush did. Companies need to learn who their majority of customers are that have helped them be profitable for years, and it certainty isn’t the lgbtq m.o.u.s.e. brand. Which company will be next to take a bullet and cater to less than 1% of the U.S. population until they close? It’s OK though, there’s always another company to fill the void, as bud light has found out. LOL
That’s what happens when you bite the hand that feeds you. Two down-many more to go.
Good, I hope Target goes out of business.