Target Boycott Impact

Assata Armstrong holds a sign reading “National Target Boycott - Diversity, equity and Inclusion Matter” during a protest outside Target Corporation's headquarters on Thursday in Minneapolis. Kerem Yücel | MPR News

Target's recent stock decline has been attributed by some to the imposition of tariffs on Mexico and Canada by former President Trump. However, this perspective overlooks a more immediate and impactful factor: the 40-day Lenten boycott initiated by the Black community in response to Target's rollback of Diversity, Equity, and Inclusion (DEI) initiatives. This boycott, led by prominent figures such as Rev. Jamal Bryant of New Birth Missionary Baptist Church, began during Lent and aims to redirect spending to Black-owned businesses, protesting Target's decision to discontinue certain DEI programs. ​

Understanding the Boycott's Impact:

The boycott was launched in direct response to Target's announcement to phase out programs supporting Black employees and to cease setting hiring and promotion goals for underrepresented groups. These initiatives were initially implemented following the death of George Floyd, reflecting Target's commitment to DEI. The rollback has been perceived as a step back from these commitments, prompting leaders in the Black community to organize the boycott. ​

Historical Precedents of Boycotts Affecting Stock Prices:

Consumer boycotts have a history of impacting company stock prices. A notable example is the 2023 Bud Light boycott, which began in response to a social media promotion featuring transgender actress and TikTok personality Dylan Mulvaney. The backlash led to a significant decline in sales, with Bud Light's parent company, Anheuser-Busch InBev, experiencing a 20% drop in stock value by May 2023. This decline resulted in the loss of Bud Light's status as the top-selling beer in the United States, a position it had held for 20 years. ​

Similarly, the 2020 Facebook ad boycotts, organized under the "Stop Hate for Profit" campaign, saw over 1,000 companies pausing their advertising on the platform. This collective action led to an 8.3% drop in Facebook's share price on June 26, 2020, prompting the company to implement changes in its content moderation policies. ​

Target's Stock Performance Since Ash Wednesday:

While specific data on Target's stock performance since Ash Wednesday (February 26, 2025) is not available in the provided sources, it is essential to monitor the stock's trajectory during the boycott period to assess the boycott's impact accurately.​

Clarifying the Tariff Situation:

Regarding the tariff narrative, it's important to note that while President Trump announced a 25% across-the-board tariff on Mexico and Canada effective March 4, 2025, these tariffs were paused just two days later for goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) until April 2, 2025. This temporary implementation makes it unlikely that the tariffs are the primary cause of Target's stock decline.​

Mainstream Media Narratives vs. Reality:

Mainstream media outlets have offered various explanations for Target's stock performance. For instance, Business Insider highlighted that Target has faced financial and political challenges over the last few years, causing less consumer enthusiasm for the retailer. The company's stock price has significantly dropped, and it has struggled to keep up with competitors like Walmart, Amazon, and Costco. Target's reliance on discretionary spending has made it vulnerable to economic downturns, as consumers are spending more conservatively. Politically, it is caught in culture wars, backlash over its Pride collection, and its DEI policies, leading to consumer distrust. ​

Call to Action:

To amplify the impact of the boycott, the Black community and its allies are encouraged to continue redirecting their spending to Black-owned businesses and other retailers that uphold DEI commitments. Additionally, as Target's stock price declines, there may be an opportunity to purchase shares at a lower price, potentially benefiting from future rebounds if the company addresses the concerns raised by the boycott.​

In conclusion, attributing Target's stock decline solely to tariff concerns oversimplifies the issue. The 40-day Lenten boycott, rooted in Target's rollback of DEI initiatives, presents a more direct correlation to the company's recent financial performance. Recognizing and addressing the concerns of the Black community is essential for Target to rebuild trust and stabilize its market position.​