NEW YORK - "Target is my backup option," said Chloe Guss, a shopper at the retail chain for nearly 20 years whose reservations about some of its products may spell trouble for the business.
Purchase rates and average spending per shopper have dropped, data provided by online shopping tracker PriceSpider shows. Gap and Dick's Sporting Goods also increased their pieces of the pie with trendier merchandise and boosted sales of footwear, athletic apparel and sporting equipment, the retailers said.
Average order values for items like kitchen appliances and TVs dropped nearly a third, while essentials like detergents and toilet paper fell by 25%. Target expects second-quarter sales to range from flat to a 2% increase, but analysts noted that a 5.4% drop in 2023 makes these targets easier to achieve.