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.
I see a lot of executive leaders getting appointed to positions that they have no background in. And since they don’t understand the gig, those people go out and hire VPs, directors, and managers who also don’t understand the space they’re working in. Example: weird stuff like operations or property management folks running large tech and product development devisions.
Target’s leadership team is also super insulated and slow to acquire information from the folks on the ground.
TL;DR, people in big jobs they should not be in, and no one listens to the folks that are close to the action.
classic. this sounds similar to what happened in southwest airlines too