I’ll make this short and to the point:
On April 19th, Target, the country’s second-largest retailer, announced that the bathrooms in its stores were “anything goes” – i.e. men could use the women’s room, if they claimed to be transgender (no way to know, no way to tell for sure).
Days later, a conservative, “traditional values” organization, the American Family Association, started an online boycott of of the chain. It claims that, in the first week, over 1,000,000 people have signed on and pledged not to shop at Target because of this policy.
So how are things working out so far?
From April 19th to yesterday’s close, the Dow Jones average went from 18,053 to 17,773 -a drop of about1.6%.
But, in that same time period, Target’s stock went from $84.14 to $79.27 – a drop of 5.8%.
In money terms, that made Target worth about $2.5 billion dollars less than its value on April 19th.
Is this just a coincidence? There is no way to tell for sure.
But it is hard not to at least consider the possibility of cause and effect.
We’ll look in again next week and see where things are moving.