Target has lost $20 billion in revenue since its customers began boycotting in January — yet the Corporation refuses to reaffirm its inclusion outreach.
An aerial view of the parking lot at a Target store on February 28, 2025 in San Rafael, California. The People’s Union USA, a grassroots group, is calling for an “economic boycott” on Friday and is urging Americans not to shop for 24 hours. The boycott follows a rollback of diversity, equity and inclusion initiatives at several companies. (Photo by Justin Sullivan/Getty Images)
Maliyah Simone, CRDN
October 27, 2025
Target has announced it will eliminate 1,800 corporate jobs as a result of a precipitous decline in its revenue. The question is whether that decline is as a result of the current economic terrain of tariffs and inflation, or the result of boycotts aimed at Target’s ending of its inclusionary outreach. Perhaps, also, it is a combination of all three. Target Corporation’s changing position on Diversity, Equity, and Inclusion (DEI) has caused a major financial decline, driven by a consumer boycott. The company had been a leader in DEI, with initiatives including a pledge to spend over $2 billion with Black-owned businesses. However, Target began to scale back these efforts after facing criticism over its 2023 Pride Month merchandise.
Then, in January of this year, just days after the inauguration of President Donald Trump and his administration’s public attacks and executive orders targeting DEI programs in the federal government, Target announced it was ending its Racial Equity Action and Change (REACH) program and redesigning its diversity focus under a new strategy called “Belonging at the Bullseye.” This change effectively ended specific DEI goals, such as those related to Black employee advancement, and commitments to external diversity evaluations, including the Human Rights Campaign’s Corporate Equality Index.
In a public statement, Target’s Chief Community Impact and Equity Officer, Kiera Fernandez, said the adjustments were necessary to “staying in step with the evolving external landscape,” a phrase widely interpreted by activists and analysts alike as a direct reference to the new political pressure from the White House and conservative groups.
This action led to an immediate consumer boycott, launched by civil rights leaders and African American faith communities, who saw the shift as abandoning core social commitments.
The financial consequences have been immediate and impactful. Since the boycott began, Target’s market capital has fallen from approximately $61.3 billion to around $41.6 billion— a loss of roughly $20 billion in value. The company’s stock price has dropped to its lowest point in five years. The company’s financial performance confirms the impact, with comparable sales dropping for two straight quarters, including a 3.8% decline in the first quarter of the year and a 1.9% decline in the second quarter. Operating income also decreased by 19.4% in the second quarter.
The company has now lowered its full-year sales forecast and now expects a decline. Foot traffic in stores has consistently fallen for several months, with one organized “economic blackout” day resulting in an 11% drop in store traffic.
Publicly reported estimates indicate that the ongoing boycott, initially organized as a 40-day “Target Fast” by the Reverend Jamal Bryant and others, has mobilized over 200,000 participants by mid-2025, with separate data confirming that Black and Hispanic households have reduced their store visits at the highest rates.
The boycott has since broadened in support, with major labor organizations like the American Federation of Teachers and the Chicago Teachers Union recently joining the action. While the numbers do not lie, a current count of how many are participating in the boycott are not published by the company or independent analysts, the sustained decline in foot traffic and the financial losses indicate that a significant number of consumers continue to withhold their business.
The civil rights leaders organizing the ongoing consumer boycott have outlined four core demands for Target to meet before the boycott is called off. These demands include fully restoring and strengthening its commitment to Diversity, Equity, and Inclusion (DEI) principles across all levels of the company. Additionally, Target must honor and complete its publicly announced $2 billion commitment to support Black-owned businesses, allocate $250 million across 23 Black-owned banks to grow these financial institutions, and partner with up to 10 Historically Black Colleges and Universities (HBCUs) to establish retail-focused community bases for aspiring entrepreneurs.
Reverend Bryant has stated that Target has indicated it will fulfill the $2 billion pledge for Black-owned businesses by a set deadline, but the other three demands regarding DEI reinstatement, investment in Black banks, and the HBCU partnerships remain unmet, leading to the continuation of the boycott.
The financial and public relations trouble led to changes in executive leadership. CEO Brian Cornell announced he will leave his post on February 1, 2026, transitioning to the executive chairman role. He will be replaced by current Chief Operating Officer, Michael Fiddelke. Other high-level departures have also occurred, including Amy Tu, Chief Legal and Compliance Officer, and Christina Henningon, Chief Strategy and Growth Officer.
To make matters worse for the retail giant, Target is also dealing with a class-action lawsuit from shareholders who claim the company did not fully inform investors about the financial risks of changing its DEI commitments.