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.
As for beverage (well, soda) sales, everyone’s social circle is different, as for mine…usually people grab a water, iced coffee (bottled or poured) or energy drink at a corner, grocery or department store, etc.
I honestly cannot remember the last time someone I knew wanted to stop somewhere for specifically a Pepsi, Coca Cola or any regular soda product.
Even when eating out at a restaurant, if it is not alcohol, it’s usually coffee and/or water.