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 do that as a matter of course. And the previous point is spot on. One notable instance was Best Buy. I bought something and encountered someone intending to check my receipt who happened to be management on the way out. I politely pointed out that their default position of mistrust of legitimate customers has a longer term effect on their business model. Her dishonest response sealed the deal: “we just want to make sure you purchased what you intended to purchase”.
Hah. As if.