Target CEO Brian Cornell says shoppers are pulling back, even on groceries, as they feel stressed about their budgets.
In an interview with CNBC’s Becky Quick that aired Thursday morning, he emphasized that the retailer has posted seven consecutive quarters of declining sales of discretionary items, such as apparel and toys, in terms of both dollars and units.
“But even in food and beverage categories, over the last few quarters, the units, the number of items they’re buying, has been declining,” he said in the interview.
I occasionally pick up food items from Target. It’s less than a mile away, and if I am out of almond milk, I’ll get it there rather than travel a longer distance. Sometimes I pick up a bottle of wine.
I’ve never done a full grocery shopping, however.