On Wednesday, Target CEO Brian Cornell reportedly criticized the assertions made by Democrat presidential nominee Vice President Kamala Harris that retailers were harming consumers by engaging in price profiteering.
Harris announced last week that she intended to institute price controls in order to address the inflation that had escalated during the Biden-Harris administration.
However, the majority of economists are opposed to this approach.
“Have you boosted any of your profits from gouging on prices? And how prevalent and pervasive do you think that was in terms of causing the recent 40-year highs in inflation?” Cornell was asked during the interview.
Cornell responded by noting that the retail behemoth has reduced the prices of approximately 5,000 items.
“I’ll put my retail hat on for a second. You two talk to industry leaders in every different sector. Is there a more competitive space than retail?” he responded.
“We’re celebrating this morning, the fact that we delivered a margin rate of over 6%. You talk to other CEOs who are delivering up income of 20%, 30%, 40%, 50%,” he continued. “So we’re in a penny business.” he continued.
“It is a penny business, and it’s a very competitive space, and we provide the value consumers are looking for,” he added.
He then went on to blast Harris’s position on raising taxes.
“When the taxes were reduced, we put our capital to work. Since 2017 when the corporate taxes were reduced, we spent close to $50 billion of capital building new stores across the country, remodeling over 1,000 stores.” he concluded.
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