Target CEO Brian Cornell.
Scott Mlyn | CNBC
Target CEO Brian Cornell held a meeting with President Joe Biden on Thursday to discuss U.S. consumers and the economic landscape.
Cornell was joined by other industry leaders including Brendan Bechtel, CEO of Bechtel Group; Calvin Butler, CEO of Exelon; Kenneth Chenault, chair and managing director of General Catalyst; Thasunda Brown Duckett, CEO of TIAA; Arvind Krishna, CEO of IBM; and Judy Marks, CEO of Otis Worldwide.
Although the CEO huddle was closed to the press, Target expressed its appreciation for the opportunity to participate in the conversation. While specifics were not disclosed, Target acknowledged the challenges faced by American consumers, which have resulted in less discretionary income.
The company reiterated its commitment to providing affordable prices for shoppers and attractive pay and benefits for employees.
The meeting at the White House focused on economic growth and emphasized the importance of public sector-enabled, private sector-led investments.
As the next presidential election approaches, the White House is particularly concerned about the president’s track record on the economy and inflation. However, Biden is optimistic about the data showing a slowdown in the rate of price increases.
For Target, the meeting comes at a critical time. The retailer has been impacted by a challenging economic environment and a divisive political climate. It has announced plans to close several stores and has lowered its full-year forecast due to factors such as inflation, higher interest rates, and the return of student loan payments.
Target has also faced backlash over its Pride month merchandise, with some items being removed to address concerns about employee and customer safety. This negative reaction contributed to the company missing its sales expectations.
This isn’t the first time Brian Cornell has had an important meeting at the White House. In 2020, during the early months of the Covid-19 pandemic, he joined Walmart CEO Doug McMillon and other executives to pledge support for ramping up access to Covid testing.
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