Target had a blowout quarter, and apparently it’s because you’re spending your money there instead of in movie theaters or on summer vacations.
Target CEO Brian Cornell said Wednesday that the retail company’s recent success is because consumers have been forced to spend money at their store and online due to the pandemic, according to CNBC.
“In the pandemic, we’re not going to restaurants, we’re not going to movies. Those traditional summer trips have been canceled. We’re not on planes. We’re not spending dollars on lodging, so many of those dollars have been redirected into retail.”
Target’s second quater saw sales jump 24.3%, which is an all-time high for Target, according to The Wall Street Journal. The pandemic fueled demand for shoppers to buy groceries from stores with pickup services, which Target has.
Still, Cornell said he hopes to see another stimulus check sent to all Americans to help them in a time of uncertainty, CNBC reports.
“There’s just so much uncertainty today — what’s going to happen with the pandemic, what’s happening with flu season — as we go into the fall, questions about the economy and the new stimulus, do we go back to school and back to college. So we better make sure we’re adjusting to this environment and adjusting each and every week. ... It’s hard to understand what’s going to happen next week, let alone three or four months from now.”