After Target rolled back its goals around diversity, equity and inclusion, several organizers across the U.S. launched boycotts. In the second episode of this special What’s News series, we zoom in on the boycotts’ potential impact on Target’s business and on those of Black entrepreneurs with products on Target’s shelves. Host Alex Ossola and producer Jess Jupiter travel to Atlanta to see how one boycott, Target Fast, is going, and what things are like at one Bullseye Black Market for Black entrepreneurs. And we consider how effective boycotts are at pushing companies to change. In your feed, you can find the first episode of this series, looking into Target’s history and why shoppers are upset with the company at a time when many other businesses are also changing their DEI policies. Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: What triggered the boycotts against Target?
46-year-old Terry Cripps, a white woman who lives in Jacksonville, Florida, is also boycotting Target indefinitely. Not only did she say she spent a few thousand dollars a month at Target, but she used to work there when she was younger. And so that made the DEI rollback feel personal.
The very day that I learned that they were going to be dropping their diversity, equity, inclusion, accessibility practices, I was shocked. I was absolutely shocked. This was a company that actually aligned with my moral values, you know? And so when I heard that, It's almost like it was a gut punch.
Of course, not all Target shoppers feel this way. Producer Jess Jupiter and I spoke to two friends, Marissa and Shannon, outside the Brooklyn Target. They had both heard about the boycott, but only Shannon had changed her shopping habits because of it. Curious if you heard about that at all. Has it affected your shopping?
I have the boycott. You have?
I have not. For Marissa, who was still shopping at Target, she said it was primarily because of the convenience and the price that Target offers.
Honestly, like, If I get it at the bodega, it's going to cost three times the price. And I mean, I can't afford that. So it is Target. Yeah. Target's got the stuff. Fair enough. So the price is more important than like the other stuff going on with the company. I mean, I'm not going to say it's more important, but my financial well-being is most important to me.
Some people have cut back on their spending at Target. Others haven't. So are the boycotts actually affecting Target's bottom line? More on that after the break.
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It's been about four months since Target made changes to its DEI policy. How has its business been affected since then? When asked by reporters, Target has not given details. Here's reporter Sarah Nassauer, who covers Target for The Wall Street Journal.
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Chapter 2: What is 'Target Fast' and what are its demands?
I was speaking to her at the Bullseye Black Market, a marketplace of Black entrepreneurs put together by the organizers of the Target Fast boycott. Roxy had flown from Tulsa, Oklahoma to Atlanta to try to reach more customers directly. And though she was a little worried for the next phase of her business, she was upbeat.
I'm not wallowing. You know what I mean? I'm not wallowing. Because I know that there's another wave of support that's coming. So if I can just hold out, I think it'll work.
Some Black small business owners who don't have their products carried by Target say that, given the opportunity, they would still work with a retailer. Malik Salim, who runs a plant-based laundry detergent company called True, is one of them.
Yeah, we're not boycotting anybody. We want everybody to carry our product because it's a universal product. So yeah, we want everybody to carry our product.
So what does Target's future look like? Despite the damage the boycotts have done to Target's reputation, most of the analysts I spoke with said they're generally optimistic about Target's future. And according to FactSet, as of May 16th, 13 ratings firms said Target stock was worth buying, 23 thought it was worth holding onto, and one recommended selling.
Last week, equity research firm Bernstein pointed to the DEI strike as one of the reasons Target's business has suffered and said that these boycotts seem to be having a more negative impact on the company than the 2023 Pride boycotts. A Target spokesman declined to comment on the impact of this boycott compared to the 2023 boycott. As for the boycotters, they're still not shopping at Target.
They say they won't end the boycott until the company meets their demands. Here's Target Fast organizer Jamal Bryant speaking at the Easter Sunday service.
Ladies and gentlemen, whether you realize it or not, we are now in the new civil rights movement. At New Berkeley, you are in the epicenter of what is getting ready to take place.
Target is expected to report its quarterly earnings on May 21st. Ahead of those earnings, on the week of May 4th, Target CEO Brian Cornell sent an email to staff reiterating the company's core values.
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