The outrage from the customers in response to the LGBTQ Pride products in the store has seemed to affect Target more deeply as the shares of the store dropped once again on Monday, marking the straight ninth day in decline.
On Monday, the market saw a fall of around 2.14% of Target’s shares according to the analysis of Dow Jones Market Data Group.
The major reason behind the fall in the stock of the company is thought to be the response from the people who were not completely pleased with the store’s LGBTQ Pride products.
The backlash the company received following the issue and the discussions that are ongoing on public social media platforms seemed to have polarized the country.
The closing price of Target on Wednesday was marked to be around $60.44 billion. The market value of the company saw a decline of around $13 billion as the value recorded earlier this month for the company was around $74 billion.
The loss for the company in the past few days has crossed the previous losing streak record for the company which was marked in November 2018. Currently, the shares of the company are marked an all-time low in the past 52 weeks and are as low as $130.93 per share.
Following a report by Fox News Digital, stating that Target has rolled back displays from some of their stores in different locations, Target stated that ‘adjustments’ were made, regarding the LGTBQ Pride displays.
According to the report published by Fox News Digital that was sourced from a Target insider, as a result of customer outrage incidents, different Southern stores were forced by the respective corporation of the location to move the LGBTQ Pride merchandise from the front of the stores.
The problem regarding the LGBTQ Pride merchandise was not over for Target even after moving the product from the front of the store. While it might have calmed a section of society, the move was not taken well by the section that supports the LGBTQ community.
Many such people slammed the store for their move and even the Governor of California, Democratic member Gabin Newsom came up against Target for doing so. He even went on to accuse the store of being a part of a ‘systematic attack’ on the LGBTQ community all across the country.
Target has a strong history of extending its support to the LGBTQ community through the years and previous ones.
As of this year, the store went all out on the Pride merchandise including a female-style swimsuit with a provision to ‘tuck-in’ the male genitalia, a wide variety of adult clothes with writings like ‘Super Queer,’ a saucer planter with the quoting that read ‘Grow At Your Own Pace,’ and so on.
Other products from the store included a ‘gender fluid’ mug and also a wide range of products that were labeled ‘thoughtfully fit on multiple body types and gender expressions’ and so on.
With the introduction of such different products and especially the ‘tuck-in’ swimsuit and other pride-friendly products for children, the store was already under attack from different people who were not pleased with the merchandise lineup.
Even though Target took fast action in removing the controversial products from many of its stores following the outrage from people, the backlash affected the company’s market cap more seriously than it was thought.
The news report from Fox News Digital regarding Target can potentially affect the store even more than it already has. According to their report, Target is currently involved in a partnership with a K-12 education group.
According to the report of Fox News, this education group is currently working in favor of different policies that will keep the parents unaware of a child’s in-school gender transposition and also in integrating gender ideology in all different levels of curriculum in public schools.
Another such organization that Target reportedly has donated to, is the GLSEN. According to different reports, Target has donated around $2 Million to the organization and they offer different guidelines to students and districts regarding subjects like how to hide gender transitions from parents.
It is also reported that different GLSEN signs were still present in some Target stores on Wednesday.
According to commentator Tomi Lahren, Target is going down the same path just like Bud Light did, which could put the company at serious risk.
According to Lahren’s assertion, Target is about to discover what happens when conservatives shop, or rather, do not shop, because the store is about to be Bud Light-ed.
Bud Light, in a similar manner, experienced a fall in its shares for almost six consecutive weeks after a controversial marketing strategy that was adopted by the company.
Customers decided to boycott the brand after they started a controversial marketing campaign featuring Dylan Mulvaney, who is a transgender social media influencer.