It's been a rather tumultuous past few years in the retail space.
The early 2020s kicked off with Covid, which shuttered many small businesses and only accelerated the decline of indoor shopping malls, which have been falling in popularity for decades.
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Then came the wave of consolidation, which allowed larger corporations, like Walmart (WMT) , Target (TGT) , and Amazon (AMZN) , to gobble up market share that was once more diversified by more specialty retailers.
Years ago, you may have gotten your craft supplies from Joann Fabrics, your party supplies from Party City, your bed and bath needs from Bed Bath & Beyond, and your clothing from JC Penney.
Those days are largely gone, however. The odds are probably much higher that you now shop for all of those things at one of the bigger corporations. One-stop shopping – particularly online – has become detrimental for niche brick and mortar stores. But it's been a boon for the bigger players.
Of course, that doesn't mean all problems have magically disappeared for large corporations.
Target struggled in 2023
As has been the case for years, many retailers seized the opportunity in 2023 to celebrate Pride month in June by selling limited-edition rainbow colored clothing and other merchandise. Target, however, took its celebration a step further.
On the heels of the Bud Light boycott, Target sold rainbow colored clothing, accessories, and other lines that included chest binders, swimsuits, and underwear designed for transgender consumers.
This resulted in an online backlash from customers and social media users, some of whom claimed the displays were placed close to children's clothing displays. Some stores even stocked children's toys, accessories, and apparel. As a result, Target's quarterly sales declined and forced the company to cut its annual revenue outlook thanks to ongoing boycotts.
Target planning different Pride celebration in 2024
After the weeks long controversy surrounding its 2023 Pride promotion, Target ultimately removed some of its merchandise.
But Target corporate still intends to move forward with its June Pride celebrations this year, despite what transpired one year prior.
In a statement, Target indicated its would be making some changes to its new 2024 Pride collection.
The new collection will no longer include children's apparel or merchandise, Target said in a corporate communication. It also said that items from LGBTQ-owned brands, will be sold only in select stores and online, based on past success.
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It also said some of its celebrations would be moved internally.
"Our Pride+ Business Council will host internal events and experiences where interested team members can learn, reflect, celebrate and connect," Target wrote, indicating the events will not be mandatory but are instead meant to help celebrate and care for its over 400,000 employees.
Target reiterated it has been listening to customer feedback and will display and sell merchandise accordingly.
"We’re offering a collection of products including adult apparel and home and food and beverage items, curated based on consumer feedback," Target wrote. "The collection will be available on Target.com and in select stores, based on historical sales performance."
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