Here's why the U.S. retail industry in general and Target (TGT) and Best Buy (BBY) in particular can't afford to ignore the ongoing boycotts that are being led by the LGBT community in protest of corporate campaign contributions to an anti-gay rights politicial candidate. According to statistics quoted by the Human Rights Campaign (HRC), a gay rights advocacy organization:
- The buying power of the LGBT community was $759 billion in 2009
- 78% of LGBT people are likely to do business with companies that are known to have gay-friendly workplaces
- More than 300,000 people have used the LGBT shopping guide published by the Human Rights Campaign (HRC) to make buying decisions
The largest U.S. retail chains have a customer base in the millions, so 300,000 lost customers scattered around 50 states may not seem significant. But in the past three years, we've seen retailers do some crazy Hail Mary marketing in order to lure customers through the front door. To alienate 300,000 consumers in one fell swoop is not an insignificant thing. And certainly it is not fiscally responsible in the midst of what is only a technical recession recovery to drive consumers with $759 billion in their pockets to the doorsteps of the competition.
Last week the HRC announced that it would be removing both Target (TGT) and Best Buy (BBY) from its list of gay-friendly companies recommended on its LGBT shopping guide. The HRC has apparently made good on that threat because as of this writing, Target and Best Buy are now absent from that list.
Target has been the main target of the consumer protests that refuse to die, but Best Buy is equally as culpable in... >> more >>