‘Bathroom Boycott’ Costs Target Estimated $1.5 Billion in Business, Stock Losses
According to Breitbart.com, Target is not officially responding to protests or the exploding national boycott. But according to multiple news sources, the impact has definitely been felt.
After the retail giant announced they were opening their restrooms to transgender individuals, and allowing people to use whichever bathroom they identify with, online petitions and boycotts began to pop up.
The American Family Association are the ones who put up that famous boycott you're hearing about on Facebook and other social media. So far, going into last weekend, over one million people had signed or joined. According to World News Daily, Breitbart and other financial sources, Target's stock has now dropped from $83.98 per share, to $79.77, down well over two percent. While that may not seem like a huge drop, that occurred over a nine-day period, and is estimated to have dropped the company's stock value about $1.5 billion dollars.
Other news outlets and observers calculated conservative estimates as to how far retail dollars have dropped. According to data from Perfect Price, a company that tracks credit card and debit card data for retailers, the average national amount spent during a visit to Target was about $62 dollars.
According to Perfect Price, since the boycotts began the loss to the company has been about $1.5 billion dollars.
An NBC financial expert claims such boycotts don't and won't work, and Target will come through it just fine, but that claim came from Bob Witek, who owns Witek Communications, a company that focuses on the marketing and purchasing habits of the LBGT market.
However, according to YouGov Brand Index, who measures positive and negative consumer reactions and behavior towards retailers, Target's positives fell by 9%, and the percentage of consumers who said they will visit Target in the future fell by four percent. Brand Index CEO Ted Marzilli said in this report those are "meaningful" numbers that are significant. He went on to say it's actually part of a bigger picture:
“This is more than just about Target. This is about a political debate that’s been brewing over the last couple of months. The reality is I think Americans are uncertain about this – or there are many that are certain, but on both sides of the issue."