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 just saw the grocery prices at a Target for the first time in years recently and was horrified at how bad they were. I’m sure it’s regional, but it was nearly double my grocery store on some items and the selection was terrible.
That was my experience 10 years ago.