Target CEO Brian Cornell says shoppers are pulling back, even on groceries, as they feel stressed about their budgets.
In an interview with CNBC’s Becky Quick that aired Thursday morning, he emphasized that the retailer has posted seven consecutive quarters of declining sales of discretionary items, such as apparel and toys, in terms of both dollars and units.
“But even in food and beverage categories, over the last few quarters, the units, the number of items they’re buying, has been declining,” he said in the interview.
But they’re counting on us buying UNITS so they can make money. Just hasn’t occurred to them that they have to pay the working class money in order for them to spend it.
They’ll bring back scrip and company towns before they pay us equitably.