Bullet points of Target CEO Brian Cornell weighs in on price gouging accusations in retail
- Target CEO Brian Cornell disputed claims of price gouging in the retail industry, saying retailers must be responsive to customers or risk losing business
- Cornell noted the small profit margins in the retail industry, saying 'We're in a penny business'
- Target has been trying to appeal to 'a consumer who is managing their budget carefully' by offering lower prices on everyday items
- The retailer cut prices on about 5,000 items, such as diapers and peanut butter, to drive higher traffic and sales
- Target's customer traffic rose 3% in the quarter, despite shoppers putting less in their shopping carts
- Walmart CEO Doug McMillon said prices have come down in many categories, but inflation remains stubborn in dry groceries and processed foods
- Some brands are still experiencing cost increases, and Walmart is fighting back aggressively to bring prices down
- Target and Walmart are among retailers responding to consumer concerns about high prices by offering discounts and value meals
cnbc.com_2 / CNBC Business by Layer3.news
npub1a8…nw4tu
2024-08-21 12:39:45
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npub1a824tlx9pzc807ddhyy0h9mhqkfjj9j360z2a9kcmxsy6gcjhfaqxnw4tuPublished at
2024-08-21 12:39:45Event JSON
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