Retail giant Target has announced the hire of ex-Nordstrom executive Mark Tritton, amid the self-inflicted pain caused by a consumer rejection of its transgender-friendly bathrooms and changing rooms.
Tritton, the former president of Nordstrom Product Group, is joining Target as the chain’s new chief merchandising officer. He will oversee buying, merchandise sourcing, and product design and development and will spearhead the next phase of Target’s visual merchandising campaigns.
The change in the executive offices follows a massive boycott effort that spurred over 1.2 million customers to sign a petition criticizing the company’s decision to open its changing rooms and bathrooms to people of both sexes.
The chains denial of sexual privacy for its consumers seems to hurting its bottom line. With a stock-market value of $50.39 billion in February, Target’s market cap has been dropping steadily since it has announced its bathroom policy April 19. By the second week of May, the chain’s value had flattened to about $43.9 billion, down $6 billion from April 19.
Even as other retailers saw a drop in President Barack Obama’s floundering economy, Target’s 12 percent loss is greater than many other firms. Costco declined only 6 percent and Walmart fell just 6.9 percent during the same period.