It looks like Target may have underestimated the impact of the Black consumer, and the Black church.
According to Forbes, Target's net sales have declined with executives forecasting "soft" performance. The company's weaker than predicted financial performance comes after pastor and civil rights leader, Jamal Bryant called for a "fas" from the company in the wake of its backtracking on DEI.
Target stores across the country and the Target website have experienced a sharp drop in traffic since the economic blackout.
The February data were before the officially start of Pastor Jamal Bryant's TargetFast initiative, which has forecasters predicting even graver financial news for the bulls-eye company.
The company has even taken a hit in terms of reputation. According to Forbes, Target was once one of the most revered company's in the world. However, its reputation score has dropped precipitously after scaling back its DEI initiatives.
In January, after the election of the current president, Target announced that it was rolling back its diversity, equity, and inclusion (DEI) efforts. In its announcement, Target stated that it was concluding its Racial Equity Action and Change Initiatives, re-assessing its corporate partnership goals, stopping all diversity-focused initiatives, and "evolving" its supplier diversity programs.
At one time, in the aftermath of the killing of George Floyd in Minneapolis (the corporate headquarters for Target), Target had been a leader in instituting diversity initiatives as the country dealt with its moment of racial reckoning. However, now the company has reneged on its promises and dropped many of the initiatives it was implementing.
It remains to be seen if Target will be able to bounce back in terms of profits and reputation after its DEI debacle.
To learn more about the #TargetFast initiative led by Pastor Jamal Bryant, click here.
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