Former Target Vice Chairman Gerald Storch told Fox News the company’s Pride month stance contributed at least 20% to the sales slump it has suffered since June.
Target’s quarterly sales fell for the first time in six years, according to an earnings report released Wednesday. The company featured a Pride Month collection that included LGBT merchandise marketed to kids in May.
“Your job is to meet the needs of your customers, not to pick a fight with anybody,” Storch said Thursday. “There’s no doubt that Target took a misstep with Pride Month.” (RELATED: Young Girl Who Says She Was Forced To Share Locker Room With Biological Male Speak Out)
“It’s certainly impacted them. There’s no doubt about it,” Storch said of Target’s Pride merchandise. “But I would say it’s probably 20% of the [5% decline]. Not the main part of it.”
Former Target exec says Pride ‘misstep’ partly responsible for recent sales dip: ‘Certainly impacted them’ https://t.co/9NDzPrV2Oe
— Fox News (@FoxNews) August 17, 2023
Storch added corporations need to think about the values of their customer base when deciding to take public stands on controversial issues.
“We live in a very polarized society right now. And it’s very important for someone who’s a retailer who serves everyone … that you do no harm.”
“It’s not a question of right or wrong or good or bad. It’s saying, who’s my customer, and how do I meet the needs of my customer? … They don’t want to deal with politics.”
Target announced its “Pride Collection” in May, which included LGBT-themed onesies in newborn sizes and rainbow socks for kids. After backlash, the store removed some of its merchandise from the front of its stores. Target’s market value lost $9 billion in one week after unveiling the collection.
America First Legal (AFL) is suing Target Corporation on behalf of its shareholders for allegedly misleading them on its corporate diversity, equity and inclusion (DEI) initiatives.