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.
My target has mostly the exact same brands as the Kroger next to it, completely lacks the international/Asian grocery aisle the Kroger has, and charges about 50% more for everything except beer, on average. Even when Target is busy, there’s maybe ever like three people in the grocery section.