In an unprecedented development, last Thursday Target’s stock price fell to a 3-year low amid intensifying backlash over the company’s decision to sell Pride merchandise aimed at children. The stock price plummeted to $137.39 USD, a low not seen since August 2020, before rebounding slightly, but the downward trend held.
The Minneapolis-based retail giant has reportedly lost $9 billion in market value since calls for a boycott began on social media. Before the controversy erupted, just a week ago Target’s stock closed at $160.96 a share, but has not tumbled to $141.76, shrinking the company’s market value to 65.3 billion, a 12% drop.
Target’s “Pride” collection, featuring radical LGBTQ clothing for children, has been the center of the controversy. The company has been subjected to public outrage and calls for a boycott since the collection was rolled out. Some customers reportedly confronted workers and tipped over displays, leading Target to remove some items from its stores and make changes to its LGBTQ+ merchandise nationwide ahead of Pride month.
Among the items garnering the most attention were “tuck-friendly” women’s swimsuits designed for trans women who have not had gender-affirming operations. Designs by Abprallen, a London-based company that sells occult and satanic-themed LGBTQ+ clothing and accessories, also caused backlash, resulting in Target pulling Abprallen products off their showroom floors.
Also, in response to the backlash, Target has moved its Pride merchandise from the front of the stores to the back in some Southern stores. But this hasn’t stopped the boycott from gaining momentum. Many have suggested that Target could see its business suffer similarly the way Bud Light did, referring to the recent controversy in which Bud Light faced significant backlash for a marketing campaign with transgender social media influencer Dylan Mulvaney.
As the boycott intensifies, Target finds itself in a precarious situation reminiscent of Bud Light. With its stock at a 3-year low and a reported loss of $9 billion in the past week, it remains to be seen how the company will navigate this crisis and what impact it will have on its future business.
Target had at least two internal emails leaked to the public on Wednesday as well. Executives doubled down and defended the company’s controversial stance and dismissed customer criticism as “abusive.” While the emails expressed appreciation for the resilience of the team and thanked store representatives despite challenging situations, they were forced to acknowledge the staff handling angry and threatening calls.
One of the emails mentioned the company’s plans for Pride Month and adjustments made to address threats to the team’s safety. However, Target failed to address the concerns of a significant portion of Target’s customer base by prioritizing its political agenda over customer commitment. This approach has definitely created negative consequences for public relations and revenue.
Speaking of negative consequences, Target’s stock price at closing on Friday was $138.93.
We appreciate our friends at Patriot Alerts for content in this article.
My only reaction to Target’s predicament is that it couldn’t have happened to a more deserving company.
Support The DC Patriot at the links below
FaithNFreedoms.com – Our Apparel Brand
PreparewithMatt.com – Long lasting food from our friends at My Patriot Supply
Patreon.com/MattCouch – Support our work on Patreon
Cash App – Support Matt Couch/DC Patriot on Cash App