Target CEO: Hispanic shoppers are staying home
"They are staying at home," Cornell said. "They are going out less often. Particularly around border towns in the United States, you’re seeing a change in behavior.
It's not just Target that's affected — retail research firm NPD Group reported an 8 percent drop in purchases by Hispanics at companies it tracks, with one analyst telling Bloomberg the drop began under the Trump Administration. "There’s concern about going out in an environment where you could be deported," he said.
Nobody mentions it, but such a scenario could be good news for online retailers like Amazon.com Inc. — these shoppers still need to buy stuff, and if they're not going out for it, that leaves delivery.
Under Cornell, Target boosted its efforts to woo Hispanic shoppers, who have become a potent economic segment representing 10 percent of total U.S. buying power. The retailer has added new merchandise and spent more on Spanish-language advertising.