Retail giant Target has experienced a staggering $9 billion loss this past week following conservative activists’ calls for boycotts due to a line of LGBTQ-friendly children’s clothing. The retailer’s market capitalization plummeted from $74.3 billion to $65.3 billion, a 12% drop in value, with stock prices falling from $160.96 to $141.76 per share.
The Minnesota-based company announced Tuesday that they would pull certain LGBTQ+ items from their stores due to customer backlash, which included threats and store disruptions. “Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work,” Target stated.
Customers reportedly knocked down Pride displays in stores, confronted staff angrily, and uploaded menacing videos on social media from inside the outlets.
New York Post columnist Miranda Devine declared, “Another one for the Get Woke, Go Broke files: Target loses $9 billion value in a week. Are these companies on a suicide mission? Why do they keep doubling down? When big business is more interested in ideology than profit, capitalism is terminal.”
Target’s fate parallels that of Anheuser-Busch, whose Bud Light sales dipped 25% compared to last year after the company sparked outrage with a controversial marketing campaign featuring transgender influencer Dylan Mulvaney. The beer giant’s sales have been on the decline for six consecutive weeks.