Joe Feldman

Target comes to market by leading with its discretionary assortment, specifically apparel and the home area. They have a very high proportion of private branded goods. And so they are very good at being on trend and being fast followers of trend and bringing that into the store at discounted prices. That core middle to upper income consumer is their core traditional shopper.

Target comes to market by leading with its discretionary assortment, specifically apparel and the home area. They have a very high proportion of private branded goods. And so they are very good at being on trend and being fast followers of trend and bringing that into the store at discounted prices. That core middle to upper income consumer is their core traditional shopper.

I think it's a very diverse shopper as well. They're very broad based. And I think they capture a broad range of customers.

I think it's a very diverse shopper as well. They're very broad based. And I think they capture a broad range of customers.

I thought Target was smart and early on going after a more diverse customer base. And, you know, you saw it with their inclusivity of different size mannequins. Their core customer was across different ethnicities. And I think they were trying to provide apparel and home furnishings that would support those customers.

I thought Target was smart and early on going after a more diverse customer base. And, you know, you saw it with their inclusivity of different size mannequins. Their core customer was across different ethnicities. And I think they were trying to provide apparel and home furnishings that would support those customers.

So it made sense that they were trying to lean in on this DEI effort through the years. And they've always had that in their DNA.

So it made sense that they were trying to lean in on this DEI effort through the years. And they've always had that in their DNA.

I didn't feel like 2020 was some big shift for Target. I feel like they had always been, you know, really leaning into a more diverse customer base and trying to appeal to everybody and not be discriminatory in any way. And that also came at a time when inclusivity across all various forms was really starting to pick up a lot of momentum in the US, broadly speaking.

I didn't feel like 2020 was some big shift for Target. I feel like they had always been, you know, really leaning into a more diverse customer base and trying to appeal to everybody and not be discriminatory in any way. And that also came at a time when inclusivity across all various forms was really starting to pick up a lot of momentum in the US, broadly speaking.

So Target was there and really did lean in.

So Target was there and really did lean in.

I think in the big scheme of headwinds against Target, boycotts ranks lower. I think the boycotts, it's like a small group of people making a loud claim. And the reality is that the day-to-day and the average consumer is not really responding to that.

I think in the big scheme of headwinds against Target, boycotts ranks lower. I think the boycotts, it's like a small group of people making a loud claim. And the reality is that the day-to-day and the average consumer is not really responding to that.

I do think that they've made an impact, but I'm much more worried about tariffs and the impact that that might have on their business and the broader consumer environment.

I do think that they've made an impact, but I'm much more worried about tariffs and the impact that that might have on their business and the broader consumer environment.

We track traffic data through some third-party resources like Placer AI, and their data would indicate that you've seen a little bit of an impact from the boycotts. Early days when Target first announced that DEI changes, you saw a fairly sizable drop-off in their traffic and demand trends. We'll see what they say about the first quarter, but it does feel like it's been a little bit softer.

We track traffic data through some third-party resources like Placer AI, and their data would indicate that you've seen a little bit of an impact from the boycotts. Early days when Target first announced that DEI changes, you saw a fairly sizable drop-off in their traffic and demand trends. We'll see what they say about the first quarter, but it does feel like it's been a little bit softer.