Target's Billion-Dollar Equity Reversal: What Happened?


From Annette With Love.

The Billion-Dollar Equity Reversal

The spotlight has been on America's favorite bullseye retailer for a few months and I have some thoughts.

Target used to be a must-shop when I visited America.

As a fashion student, I did a case study on why people should shop at Target instead of Walmart. I've kept those ideals for 20 years and was very disappointed when I heard Target is abandoning its commitment to diversity, equity, and inclusion.

As a DEI consultant, I know that diversity increases sales, morale, and customer satisfaction. As a Black woman this feels like a slap in the face for many reasons, but living abroad I don't face the same temptations for curbside pickup. However, it was always a must-shop when I went stateside and that has stopped.

I recently wrote about why my blog is recommitting to DEI but the thoughts runneth over! So I thought I'd share them with you in my inaugural FAWL newsletter.

What's T on Target?

Like so many other companies, Target is playing in our faces and the epitome of performative allyship. Target launched Racial Equity Action and Change (REACH) in 2021 as a response to the murder of George Floyd and pledged to invest $2 billion in Black-owned businesses by the end of 2025. In the following years, the retailer continued to make financial pledges to Communities of Color. Then in January of 2025, the retailer announced they'd be rolling back all of its DEI programs, including REACH. The root of my disappointment is that I still can't substantiate Target's total contribution to date for either initiative. We need receipts!

Compared to competitors like Walmart, Target stores have a larger presence in urban areas, which is one of the reasons why Black Americans make up roughly 8.9% of consumer spending at Target. This is also why it made sense for Target to collaborate with more urban communities and center their needs. Recently our Editor-in-Chief spoke to the the Target boycotts and how it's impacting our community.

The Levels of Delulu

During a quarterly earnings call on March 4, Target's chief commercial officer Rick Gomez said 'We had record sales [for] Valentine's Day,'. Executives are praying that Easter sales do the same, mentioning the Christian holiday five times during the call.

However, some people are giving up Target for Lent and I was surprised to learn that the ex-husband of a Real Housewife (Gizelle Bryant from Potomac) is the reason why.

Jamal Harrison Bryant, senior pastor of the New Birth Missionary Baptist Church outside of Atlanta launched what he calls a "Target Fast". The goal was to sign up 100,000 consumers to participate; nearly double signed up. Refusing to shop at the retailer from early March to mid-April is a big deal in Black communities because Easter Sunday is always a fashion show and a full production.

Numerous outlets have claimed that Target has lost billions of dollars since abandoning its DEI initiatives and that's just not true. The truth is, that Target did not release 2024 Q4 numbers until early March 2025. Those numbers revealed that Target's stock market share price fell 22% in November 2024, wiping out $15.7 billion of market value. Failure to share this data with potential investors is why Target is currently being sued for defrauding shareholders.

Ciao for now!

Annette Richmond

Sharing my thoughts and encouraging plus size people to see the world and be seen.

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