Target CEO Credits Canceled Vacations, Not Stimulus Checks, For Blowout Quarter

Target CEO Brian Cornell said Wednesday he would like to see Congress strike a stimulus deal, but he credited closed movie theaters and canceled summer vacations for fueling the retailer’s blowout quarter. The coronavirus lockdowns across the U.S. that forced consumers inside also sent them to its store and website to shop, Cornell said on CNBC’s “Squawk Box.” Some discovered Target’s e-commerce services, such as curbside pickup, or home delivery service Shipt — which were ready to go during the pandemic because of the retailer’s investments over the years, he said. “In the pandemic, we’re not going to restaurants, we’re not going to movies,” he said. “Those traditional summer trips have been canceled. We’re not on planes. We’re not spending dollars on lodging, so many of those dollars have been redirected into retail.” Read more at CNBC.