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.
Barefoot running is it then.
Kidding aside, kids do need good shoes, but they’ll also need new shoes every 6 months or more, so $500 is definitely out of the question for most parents.
It must be a signal product or something. Quite frankly I don’t mind those, because it only steals money from dumb rich people. If I were to start a business that’d be my segment too. It’s easier to find 10 customers willing to pay a $1000 for a bag of shit than it is to find 1000 customers willing to pay $10 for the same bag of shit.
Oh no I think you’ll find that most of the people that are targeted by this type of predatory marketing are not rich, some are, but most are just taking money away from other essentials to try and get that thing that the multi-million dollar marketing campaign told them they must have
You’re right. Most customers for those kinds of products are only pretending to be rich. The suburban BMW/Audi segment. Actual rich people don’t buy those things.