Budget-conscious Target shoppers were reluctant this spring to go through with purchases outside what they immediately needed.
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.Chief Merchandising Officer Jill Sando talks about the Target owned kids clothing brand Cat& Jack during a tour of the Target Store in Plymouth, Minnesota on Wednesday afternoon, March 8, 2023.
“We came into 2023 clear-eyed about what consumers were facing with persistent inflation and rising interest rates,” said Target CEO Brian Cornell during a media call. “We were determined to build on our guests’ trust by unifying as one team to deliver affordable joy each and every day.
It’s a story that’s playing out across the retail industry. Core retail sales — those not including car, gas and restaurant sales — increased 2% last month compared to the same time the year before, showing that while consumers are still spending, they aren’t buying products anywhere near the rate they did during the pandemic.
“The unfortunate fact is violent incidents are increasing at our stores and across the entire retail industry,” Cornell said.
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