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A nationwide economic boycott of Target has led to a significant decline in its valuation, with another extended boycott set to begin.
According to reports, a one-day economic blackout held last week (reportedly initiated by the Peoples Union USA group) had a strong impact on Target’s earnings, just as the big box chain is facing another extended boycott of its stores. The data revealed that Target saw an 11% drop in customer traffic in its stores last Friday (Feb. 28), and a 9% drop in visitors from 5.2 million to 4.7 million through its website. Their dedicated app also saw a significant decline, going down 14% from 4.2 million to 3.5 million when compared to figures from Feb. 14.
The findings come weeks after Target’s announcement at the end of January that it had come to the end of a three-year program that focused on building Black careers at the company as well as promoting Black-owned businesses and improving the experiences of Black shoppers. The program was started by the Minneapolis-based retail chain in the wake of the murder of George Floyd by officers from that city in 2020. Target also announced that it would roll back other diversity, equity, and inclusion (DEI) goals set for that three-year cycle, leading to backlash from the public.
The chain acknowledged a “small decline” in revenue in February but didn’t acknowledge the one-day blackout, instead projecting that there was “meaningful year-over-year profit pressure in its first quarter relative to the remainder of the year” relative to ongoing consumer uncertainty in combination with the current tariff wars enacted by President Donald Trump. Target’s full-year revenues saw a drop from $107.4 billion in 2023 to $106.6 billion in 2024. Notably, their stock valuation dropped 13% from $135.21 to $117.14 a share.
A new boycott is set to begin Wednesday (March 5), initiated by Atlanta-based pastor Dr. Jamal Bryant of the New Birth Baptist Church. The “fast” will take place over the 40 days of the Lent season. “Black people spend on average $12 million a day in Target, so with that large of a consumption pie, we need to be treated with a great decibel of respect,” Dr. Bryant said in an interview, noting that 50,000 people had signed an online petition stating they’d participate.
Report: Target’s Stock Valuation Drops Due To Boycott
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