Consumers will continue to embrace online shopping and convenient pickup options even after the crisis ends.
The pandemic will have a lasting impact on U.S. retailing, including a heightened propensity toward online shopping, an ongoing demand for curbside pickup or accelerated at-home delivery, and the desire to cut down on the number of stores visited.
“As I think about the next 18 months and beyond that, there are three or four elements coming out of the pandemic that will be sticky,” he said. “I certainly think during the pandemic, millions and millions of Americans have learned to shop online. We reported during our first-quarter earnings we had 5 million new users at target.com and 2 million new guests who discovered our drive-up lane.
“We’ve got to be flexible, we’ve got to place some bets where we’re confident and be willing to adjust along the way,” he said. “We’re going to have a Christmas holiday season and I suspect the consumer to actually celebrate Father’s Day this weekend, the Fourth of July and Labor Day. We’re getting reports that back-to-school is going to happen and colleges are finding a way to conduct classes in the fall, but I expect it to be different. We have to be more flexible and adapt along the way.
In the past few months, Target has benefited by being deemed an essential business whose stores were allowed to remain open. But it has also been hurt by the rioting surrounding the killing of George Floyd that was centered in its home town on Minneapolis. Cornell said that while the company has always tried to be inclusive, the reaction to Floyd’s death prompted Target to further accelerate its initiatives to understand the psyche of its Black associates and start to “drive change.
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