Target Shares Have Now Lost 23% of Value, Company Ends Priority Projects in Wake of Transgender Policy Backlash
US retail giant Target has scrapped two high priority projects after a public backlash in response to a proposal to introduce transgender-friendly, mixed-sex, bathrooms and fitting rooms.
The retailer shut down its ‘Store of the Future’ concept before it kicked off. The project was aimed at promoting a new outlet design combining a smaller upfront retail store fronting a warehouse and robots picking items for the customers up front.
Another project the corporation has decided to scuttle is ‘Goldfish,’ which was intended to set up an online marketplace where other retailers and manufacturers could sell products to customers through Target.
The public backlash was triggered by the company’s April announcement it would welcome transgender customers to use any bathroom or dressing room that matched their gender identity.
Target’s shares have fallen almost 23 percent since last April. The stock price drop has washed out about $10 billion from the retailer’s value.
The measure comes as part of the normal ebb and flow of business, according to the retailer.AND THEN THERE'S THIS:
Male transgender prisoner guilty of brutal murder is moved from women's jail 'because he kept having sex with female inmates'