Latest news with #boycott

Sweeping victory for Venezuela's ruling party in elections boycotted by opposition

Yahoo

9 hours ago

General
Yahoo

Sweeping victory for Venezuela's ruling party in elections boycotted by opposition

The opposition urged voters to boycott last weekend's regional and parliamentary elections in protest against President Nicolas Maduro's disputed re-election last year. View on euronews

Is Target Blaming Boycotts For Its Slump?

Forbes

2 days ago

Business
Forbes

Is Target Blaming Boycotts For Its Slump?

Is Target Blaming Boycotts For Its Slump? getty The country's seventh largest retailer has been the bullseye for grassroots consumer boycotts, but the real cause of its woes is in the c-suite. For a moment there, at the onset of the COVID-19 quarantine, Target seemed to be riding high on a wave of innovation that broke out when retailers of every stripe and category had to scramble to save their businesses from a global catastrophe. As we reported here in 2021, Target managed a rapid roll-out of an experimental click-and-curbside-collect program while simultaneously building out a credible e-commerce platform to drive sales. The gambit was a big success. Target's e-commerce business boomed, growing faster than Amazon and Walmart. The company won kudos for touches such as placing well-staffed pickup counters directly in front of the main entrance, ensuring crisp customer service. Shoppers were spared from standing in long lines and were more inclined to park and take a stroll through the store before leaving. What a difference a pandemic makes. Over the past two years, Target has found itself on fumbling defense. At this time a year ago, the company first started reporting that a long stretch of revenue growth had run out of gas because (according to Target execs) its customer base had been spending less on nesting (think throw pillows and furnishings) and more on travel and entertainment. For its fiscal year that ended on January 31, 2024, the company said revenue retreated by 1.6% and comparable store sales sagged by nearly 4%. In sharp contrast, both Walmart and Costco—with overlapping customer bases—posted annual revenue growth of more than 6%. What went wrong? A series of clear leadership missteps? Among the explanations was a boycott over an in-store Pride Month promotion in 2023 that backfired spectacularly. Also in 2023, Target closed nine stores in urban areas citing theft and violence, but an in-depth CNBC investigation claimed it found that crime rates were actually lower at the closed stores than at other nearby stores that remained open. The difference: stores that stayed open were in higher-income neighborhoods. According to CNBC, the findings, 'cast doubt on Target's explanation for the store closures and raise questions about whether the company's announcement was designed to advance its legislative agenda and obscure poor financial performance.' Target ran into yet another publicity buzzsaw last year during Black History Month when several historical figures such as Booker T. Washington were misidentified on a collection of refrigerator magnets. And a customer filed a class action lawsuit claiming the company 'surreptitiously' operated an anti-theft surveillance system that violated Illinois' Biometric Information Privacy Act. In the head-to-head competition with rivals, Target has seemed to be running a me-too campaign. It was late in developing a robust line of private label merchandise, far behind Walmart and Costco. And the company ballyhooed a long-term plan to add 300 mostly full-sized locations just as its rivals were planning smaller stores in neighborhood shopping centers. Finally, four days after the new administration took office in November, Target dismantled its DEI efforts—in which it had invested a lot of brand capital—which unleashed a fresh wave of scorn. The latest news is more bleakness for the nation's seventh-largest retailer. Since January, foot traffic has been steadily declining. The company's management has been mostly silent, according to a recent report on Forbes, and analysts describe the company's woes as self-inflicted' and its leadership as 'drifting.' Given the current economic cycle, with so much uncertainty and wariness among consumers, it's hard to imagine what Target could do to rescue itself from itself. Before the pandemic there were rumors that Amazon had its eye on acquiring the company as a quick way to create a bricks-and-mortar presence that could compete with Walmart, Costco, and others. Nothing became of the Amazon rumor, and it is harder to imagine today than it might have been in 2019. But it will probably take a shake-up of equal magnitude—a leveraged buyout and a clean c-suite slate, perhaps—and a major rebranding to reverse the slide and possibly resurrect Target's once-coveted cachet as the classy discount store. Investors might consider, what has been the 5-year return on invested shares? As of today, negative twenty-one percent (-21%) roughly vs S&P at plus ninety-four percent (+94%).

Walmart and Target secretly ‘worried' over boycott as shopper fume over major policy overhauls

The Sun

2 days ago

Business
The Sun

Walmart and Target secretly ‘worried' over boycott as shopper fume over major policy overhauls

WALMART and Target are bracing for impact and quietly warning of consumer backlash as outrage brews over their changing policies. The retail giants recently admitted in regulatory filings that they fear massive financial loss due to boycotts against the companies. 2 2 Walmart and Target are among several popular retailers now flagging political firestorms around diversity and climate policies as potential business threats. Shoppers have aimed at companies over their stances on hot-button social issues, with frustrations erupting on both sides of the political aisle, CNN reported. 'Strong opinions continue to be publicly expressed both for and against diversity, equity and inclusion and ESG initiatives,' Walmart said in its March annual report. The company added that corporate positions are 'subject to heightened scrutiny from consumers, investors, advocacy groups and public figures, potentially leading to consumer boycotts, negative publicity campaigns, litigation and reputational harm.' 'BOYCOTT TARGET' Target said it's been caught between "varied, and at times conflicting" expectations from customers, shareholders and staff. 'We have previously been unable to meet some of those conflicting expectations, which has led to negative publicity and adversely affected our reputation,' the company said. The backlash erupted after Target pulled some LGBTQ-themed merchandise last June during Pride Month, citing threats to employees. That decision sparked criticism from both conservatives, who launched a boycott, and LGBTQ advocates, who felt abandoned. Target said some shoppers were also upset this year after it quietly ended parts of its DEI initiatives. On January 24, Target responded by announcing plans to roll back on its DEI initiatives, including ending its program focused on aiding Black employees build their careers, boosting the experience of Black customers, and promoting Black-owned businesses in the wake of George Floyd's death in 2020. Sales slumped in the most recent quarter, and the company pointed to consumer pushback over its handling of social issues. HIGH COSTS AT WALMART Customers lashed out at Walmart's skyrocketing costs following another week-long boycott in April. When asked for comment, Walmart issued the same statement they gave out last month. "As one of the largest corporate taxpayers in the country, not only do we pay our fair share, we are an economic force multiplier strengthening communities nationwide through job creation, supplier growth, and over $1.7 billion in cash and in-kind donations last year,'' a Walmart spokesperson told USA Today. "We remain dedicated to earning the business of all Americans and giving our time and resources to causes that uplift and unite communities who rely on us every day." Which companies have dumped DEI policies after Donald Trump's executive order? Major brands have either ditched or are re-examining their DEI initiatives after Donald Trump cracked down at the federal level. Goldman Sachs has retreated from DEI, by dropping a requirement that forced some clients to include women and members of minority groups on their board of directors. Google has rescinded a goal in 2020 to increase representation of underrepresented groups among the company's leadership team by 30% within five years. Amazon said it was halting some of its DEI programs, although it did not specify which ones. Lowe's said the company was 'reviewing' its DEI programs. Harley-Davidson said it does not have hiring quotas and would no longer have supplier diversity spending goals During planned boycott days, protesters say they'll avoid shopping at Walmart stores, skip online purchases, and stop using Sam's Club and other Walmart-affiliated brands. On Instagram, John Schwarz, head of The People's Union, urged shoppers to join the boycott, accusing Walmart of 'raising prices yet again after raking in record profits, dodging taxes, and fueling corporate greed.' The wave of political pressure is forcing brands to walk a tightrope, especially under the Trump administration's crackdown on corporate DEI policies. Republican officials have threatened legal action against companies with 'illegal' diversity programs, while activists like Robby Starbuck have fueled online outrage. MORE BRANDS UNDER FIRE Retailers like Home Depot and the parent company of Corona beer, Constellation Brands, have also started flagging DEI-related risks in investor documents. 'The heightened debate on DEI and climate, in particular, has driven the inclusion of these disclosures in the last few months,' said Matteo Tonello of The Conference Board. USC risk management expert Kristen Jaconi said brands are stuck in a 'Catch-22.' 'Consumers may be dissatisfied if a company takes a particular position on a social issue or if a company takes no position at all,' Jaconi told CNN. The Trump administration's stance is spooking other major brands as well, including Abercrombie & Fitch, Kroger and PVH Corp. Historian Lawrence Glickman of Cornell University said companies are now on high alert. 'Often, boycotts catch companies by surprise,' he said. 'Recent boycotts have been successful enough that (companies) are worried about them.' Other huge corporations such as Amazon, Google, Meta, and Walmart have similarly backtracked on the policies. Walmart and Target didn't immediately respond to a request for comment by The U.S. Sun.

CNN

3 days ago

Business
CNN

Pastor behind Target boycott is protesting Dollar General

Pastor behind Target boycott is protesting Dollar General CNN's Erin Burnett speaks with Reverend Jamal H. Bryant, the pastor behind the massive boycott against Target over its rollback of DEI initiatives, about his latest effort against Dollar General. 02:48 - Source: CNN Trump responds to Wall Street term 'TACO': Trump Always Chickens Out President Donald Trump was asked about "TACO," an acronym that means "Trump Always Chickens Out," which is used by Wall Street workers for his on-and-off approach to tariffs. Calling it "the nastiest question," Trump defended his tariff policy by calling it "negotiation." 01:13 - Source: CNN Combs' team seeks mistrial over evidence CNN's Elizabeth Wagmeister explains what caused Sean "Diddy" Combs' defense team to request a mistrial in court on Wednesday. The motion was denied by the judge. 01:49 - Source: CNN Trump voter may lose his job because of Trump policies CNN's John King visits one of the country's top targets of the 2026 midterms — Pennsylvania's 7th Congressional District — and speaks to a Trump voter who is in danger of being laid off due to the President's tariffs. 01:11 - Source: CNN Finland's president responds to Russian military activity along border CNN's Erin Burnett speaks with Finland's President Alexander Stubb about his country ramping up its military to deter potential Russian aggression. 02:16 - Source: CNN SpaceX Starship outperforms previous missions this year Regrouping after two consecutive explosions, SpaceX launched the 9th test flight of Starship, the most powerful rocket ever built. The mission marks the first time the company reused a Super Heavy booster from a previous flight. 01:55 - Source: CNN Former 'Diddy' employee describes alleged abuse Former employee for Sean 'Diddy' Combs, Capricorn Clark, took the stand to testify in the federal trial against her long-time boss, seemingly corroborating accounts from witnesses Cassie Ventura and rapper Kid Cudi. Capricorn alleges Combs made threats and carried out acts of violence against her, including forced lie-detector tests Capricorn claims to have been administered by Combs' security guard while she was held. 02:37 - Source: CNN Should Sean 'Diddy' Combs testify? CNN's Laura Coates speaks with Benjamin Chew, co-lead counsel for Johnny Depp in his defamation trial, about whether Sean "Diddy" Combs should testify in his high stakes criminal trial. 01:55 - Source: CNN Palestinians desperate for food rush US-backed aid site Scores of people rushed over fencing and through barricades in southern Gaza on the first day a US-Israeli-backed aid site was opened. CNN's Jeremy Diamond explains the desperate humanitarian situation that remains in the region. 01:22 - Source: CNN NYC Mayor Eric Adams defends Trump relationship New York City Mayor Eric Adams speaks with CNN's Maria Santana about his controversial relationship with President Donald Trump, which has garnered close attention after the Department of Justice recommended his criminal charges be dropped. 01:07 - Source: CNN Trump pardons reality TV couple Todd and Julie Chrisley President Donald Trump has signed full pardons for imprisoned reality show couple Todd and Julie Chrisley, who were sentenced to lengthy prison terms in 2022 for a conspiracy to defraud banks out of more than $30 million, according to a White House official. CNN's Kaitlan Collins reports. 01:07 - Source: CNN New Orleans escapees lead police on high-speed chase Authorities have captured eight escapees after 10 prisoners escaped through a wall behind a toilet in a New Orleans jail cell. Two inmates were arrested in Texas after being involved in a high-speed chase with authorities. 01:02 - Source: CNN Vehicle plows into crowd in Liverpool Police in the United Kingdom say a man has been arrested after a car plowed into Liverpool fans celebrating during the soccer club's Premier League trophy parade. 01:14 - Source: CNN Trump visits Arlington National Cemetery on Memorial Day President Donald Trump honors fallen service members at Arlington National Cemetery on Memorial Day. 00:27 - Source: CNN Trump: 'I don't know what the hell happened to Putin' Speaking to reporters before boarding Air Force One in Morristown, New Jersey, President Donald Trump said that he was 'not happy with what Putin is doing', after Moscow launched its largest aerial attack of its three-year full-scale war on Ukraine overnight. 00:50 - Source: CNN 'Duck Dynasty' star dies at 79 Phil Robertson, patriarch of the reality show 'Duck Dynasty,' has died at 79, according to a family statement. Robertson founded Duck Commander, a business making duck hunting supplies, which later became the center of A&E's hit show. 01:06 - Source: CNN Video of President Macron's wife 'pushing' him goes viral A video of French President Macron's wife pushing him as they disembarked a flight has caught the attention of Russian trolls after going viral. While Macron himself tried to downplay the video saying it merely showed a couple 'bickering,' it's not the first time Russian troll accounts and state media outlets have tried to use videos of the French president to spread disinformation. CNN's Saskya Vandoorne has more. 01:35 - Source: CNN Truck explodes after possible propane leak A home security camera caught the moment when a box truck driving through a residential neighborhood exploded in Addison, Illinois. The driver walked away with only minor injuries, CNN affiliate WLS reports. 00:36 - Source: CNN

Vance Says Crypto Has 'Ally' In WH As Trump Family Gains Billions - Erin Burnett OutFront - Podcast on CNN Audio

CNN