Target has come under intense scrutiny for its recent attempts to cater to the transgender community, provoking controversy by introducing a “Pride collection” in its stores. This collection features merchandise, clothing, and books promoting transgender-friendly messages and leftist gender ideology. What is particularly concerning is that these products are not limited to adults but also target young children and babies. Target has gone as far as prominently displaying these items at the front of its stores, subjecting all customers to its rainbow-colored propaganda.
In response to the backlash, Target held an emergency meeting and instructed certain store locations, primarily in rural Southern areas, to relocate and reduce the size of their Pride sections to avoid a situation similar to the Bud Light controversy.
Despite these efforts, it seems the damage could not be contained. Target’s stock experienced a 12% drop, resulting in a loss of $9 billion in market capitalization. Shares traded at $141.76, down from $160.96 just a week prior. The company’s market value now stands at $65.3 billion.
While boycotts are often seen as ineffective, the recent boycott of Anheuser-Busch and Bud Light due to their partnership with Dylan Mulvaney, a TikTok influencer pretending to be a girl, has defied expectations. Bud Light sales decreased by more than 28%, leading to a reported $16 billion loss in market value for Anheuser-Busch. Similarly, the Target boycott appears to have had a similar impact on the company’s business.
Despite these repercussions, Target’s CEO, Brian Cornell, remains steadfast in his belief that embracing woke ideology is beneficial for the company. He views these decisions as good business practices, the right thing for society, and advantageous for the brand. Cornell asserts that Target’s diversity, equity, and inclusion initiatives are adding value, driving sales, and fostering greater engagement with both employees and customers.
In an internal company email, Target shows no signs of changing its stance. The email expresses gratitude for the support shown during the backlash and proceeds to address the anniversary of George Floyd’s death, offering resources for emotional support. This indicates that Target remains committed to its woke approach, unapologetic for the impact on its stock value.
Unlike Anheuser-Busch, Target has yet to recognize any missteps. The company wholeheartedly endorses wokeism and believes it is the future of the company. It will require substantial efforts to bring about a cultural shift within Target.