You may recall in April of last year Target announced on its website that customers and employees at its stores would be able to use the changing areas and restrooms of their choice rather than their biological sex.
Many people expressed public safety concerns about Target’s decision to let men enter women’s restrooms and changing areas.
Target has suffered financially since, with its stock prices falling nearly 23% — from $82.76 per share to $64 per share — since April of last year.
Some argue that stores like Target are simply having a tough time in this economy. However, Target’s competitor Walmart has seen its stock value rise from $69 per share to nearly $98 since April of 2016.
Last month Target announced it will close 12 of its larger stores next year. According to CNBC, the stores are located in Minnesota, Kansas, Michigan, Georgia, Louisiana, Florida, Illinois, and Texas.
Even Target’s management has acknowledged that letting men enter the women’s restrooms and changing areas at its stores has been bad for business. Last spring Target’s CEO admitted, “Target didn’t adequately assess the risk [about publicizing the policy], and the ensuing backlash was self-inflicted.” However, he stopped short of saying the policy itself was bad.
Target has not changed its policy as of today, and over 1.5 million Americans are still boycotting the retail chain as a result, but at least the company admits the boycott is affecting its bottom line.