Target takes a hit: $12.4 billion in value lost after boycott

TARGET CORPORATION

Target Corporation lost $12.4 billion in market value on Feb. 28, the day a nationwide economic boycott targeting companies that rolled back diversity initiatives was initiated.

Target Corporation’s stock plummeted by approximately $27.27 per share by the end of February, erasing about $12.4 billion in market value.

The drop came on Feb. 28, the designated economic blackout day, and coincided with mounting backlash over the retailer’s decision to abandon its diversity, equity, and inclusion commitments.

The National Newspaper Publishers Association has acted through its Public Education and Selective Buying Campaign. NNPA President and CEO Benjamin F. Chavis Jr. said, “Black consumers helped build Target into a retail giant, and now they are making their voices heard. If corporations believe they can roll back diversity commitments without consequence, they are mistaken.”

The Rev. Jamal Bryant, pastor of New Birth Missionary Baptist Church in Georgia, has led calls for a “40-Day Target Fast,” urging Black consumers to withhold spending at the retailer.

“Black people spend $12 million a day at Target,” Bryant said. “If we withhold our dollars, we can make a statement that cannot be ignored.”

The NAACP also issued a Black consumer advisory in response to Target’s DEI rollback, warning Black consumers about corporate retreat from diversity initiatives. The advisory urges them to support businesses that remain committed to investing in Black communities.

Target is also facing legal battles. Shareholders have filed lawsuits challenging the company’s DEI policies, arguing that the commitments hurt financial performance. Meanwhile, conservative groups have sued over Target’s diversity efforts, claiming they discriminated against white employees and other groups.

“Consumers have the power to demand change, and Target is learning that lesson the hard way,” Chavis said.

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