On March 5th, it was reported that US retail giant Target's 2023 fiscal year revenue recorded its first decline in seven years, as it faced difficulties in attracting consumers to purchase non essential goods such as home goods and electronics.
On the 5th, Target announced that the company's revenue for the fiscal year ended February 3, 2023 was $107.41 billion, a year-on-year decrease of 1.6%. Target stores have seen a decrease in foot traffic, while shoppers are allocating more budget towards food and other essential items. In addition, as the supply chain blockages before the decline in demand were alleviated, the company spent a long time solving the problem of excess inventory. Tajit stated on the 5th that this situation has improved over time last year, and the restoration of inventory balance has reduced the need for discounts.