Target Corp. Chief Executive Officer Brian Cornell is sounding alarm bells over the state of Hispanic shoppers in the U.S. — a key growth demographic for many retailers and consumer brands.
“The Hispanic consumer in the U.S. is shopping much less,” Cornell said at the Fortune Brainstorm Tech event Tuesday in Aspen, Colorado. “They are staying home. They are going out less often.”
Cornell didn’t mention President Donald Trump by name, but he talked about a shift in behavior this year and mentioned “border towns” — where retailers for years have depended on shoppers from northern Mexico for higher revenue. Trump took office in January after promising to crack down on undocumented immigration, especially from Mexico. Purchases by Hispanics at U.S. retailers in categories tracked by researcher NPD Group have fallen 8 percent this year.
“There’s clearly been a pullback” since Trump was elected, said Marshal Cohen, an analyst at…