Target’s share prices experienced their longest losing streak in nearly five years, falling for eight consecutive days. On Tuesday, shares plunged by 3.66% to $133.88, resulting in a $12 billion market value loss over the past 14 days, leaving the company with a value of $61.85 billion, as reported by the Daily Wire. The decline is attributed to a consumer boycott triggered by Target’s LGBTQ merchandise.
Since 2014, Target has embraced gender neutrality by introducing a gender-neutral children’s line and inclusive restroom policies, even before transgender issues gained widespread attention. However, the backlash over their Pride collection in May led to emergency calls for stores to reduce the visibility of these products to avoid controversy. As a consequence, Target’s market value has plummeted by over $9 billion due to ongoing boycotts.
Target Loses $9 Billion in Market Value Amid Controversy
Target’s market value has plummeted by $9 billion following a boycott initiated by outraged social media users, as well as traditional and right-wing Americans. The boycott was sparked by Target’s introduction of the “PRIDE” collection, which features LGBTQ-friendly clothing for children.
Within a week, the company’s stock price fell from $160.96 per share to $141.76 per share, resulting in a 12% decrease and reducing Target’s market capitalization from $74.3 billion to $65.3 billion, as reported by Fox News.
Target Faces Backlash and Boycott Over “PRIDE” Collection for Children
Target faced a backlash and subsequent boycott on social media due to its “PRIDE” collection, which included LGBTQ-friendly clothing for children. This controversy resulted in an $8 billion market value loss within a week, drawing comparisons to Bud Light’s experience with a transgender influencer campaign boycott.
In response to the growing controversy, Target made the decision to relocate its Pride sections in certain stores, with a particular focus on rural areas in the South. This decision aimed to address the criticism surrounding the presence of children’s products in the Pride month displays. To strike a balance and ensure customer satisfaction, Target downsized the merchandise and relocated it to the rear section of the store.
Target is removing certain LGBTQ and Pride month merchandise from its stores nationwide after an intense backlash from some customers, including violent confrontations with its workers. https://t.co/JvJbPhUdTl
— The Hill (@thehill) May 23, 2023
However, this decision fails to satisfy many individuals who remain concerned. Although the products will be relocated within the stores, they will still be accessible, including items specifically targeted toward children.
The Influence of Public Opinion: Target’s Considered Action
Target’s proactive response can be attributed to the recent impact of public opinion, which includes the Bud Light controversy surrounding LGBTQ-inclusive advertising.
Many individuals hold the belief that certain left-wing gender ideology items, particularly those aimed at children, are perceived as “satanic” and morally objectionable. These items consist of underwear and one-piece swimsuits designed to be “tuck friendly” for individuals who cross-dress, specifically catering to males who wish to present as females. Additionally, the assortment includes “chest binders” that compress the chest area, primarily used by females in an attempt to achieve a more masculine appearance.
The company swiftly organized a meeting to address these concerns, recognizing the need to respond to criticism within an exceptionally tight timeframe of only 36 hours. Consequently, Target made the decision to yield to the pressure.
“Omg America is so polarized and that’s why Target is getting boycotted”
This actually isn’t a polarized issue
This is about not selling SATANIC merchandise to CHILDREN
America is pretty united on that one pic.twitter.com/ietg4GOKtg
— DC_Draino (@DC_Draino) May 24, 2023
Governor Gavin Newsom’s Political Exploitation:
Governor Gavin Newsom, largely known for his far-left agenda, utilized Twitter as a platform to condemn Target’s choice to relocate LGBTQ merchandise. He directed accusations towards Target’s CEO, Brian Cornell, alleging that he was forsaking the LGBTQ+ community in favor of “extremists” and presented the situation as an assault on various communities.
However, these assertions are unfounded and exaggerate the reality of the situation, as there is no indication that it was escalating to such extremes. Newsom’s remarks reveal a clear political bias and neglect the legitimate concerns raised by conservatives.
Far-Left Governor of California, Gavin Newsom, would take to Twitter saying:
“CEO of Target Brian Cornell selling out the LGBTQ+ community to extremists is a real profile in courage. This isn’t just a couple stores in the South. There is a systematic attack on the gay community happening across the country. Wake up America. This doesn’t stop here. You’re black? You’re Asian? You’re Jewish? You’re a woman? You’re next.”
CEO of Target Brian Cornell selling out the LGBTQ+ community to extremists is a real profile in courage.
This isn’t just a couple stores in the South. There is a systematic attack on the gay community happening across the country.
Wake up America.
This doesn’t stop here.… https://t.co/1vRgukaT0g
— Gavin Newsom (@GavinNewsom) May 24, 2023
Target’s Promotion of the LGBT Agenda: Disregarding Customer Concerns
Target had a longstanding track record of promoting the LGBT agenda, even before it gained widespread recognition. As early as 2012, the company embraced the controversial “Love Is Love” shirt collection, firmly positioning itself in support of the movement.
Additionally, Target was at the forefront of the transgender movement, being one of the pioneering large-scale stores to introduce “gender-neutral bathrooms.” However, this initiative sparked ongoing controversy as many expressed concerns about potential risks, such as the possibility of men exploiting these facilities for nefarious purposes or engaging in sexual fetishes instead of simply using the restroom.