On Friday, Target Corporation’s Common Stock value dropped 2.52 percent, continuing a precipitous decline that coincides with the company’s decision to remove gender restrictions on its stores’ bathrooms.
In a press release two weeks ago emphasizing the corporation’s commitment to “inclusivity,” Target wrote, “we welcome transgender team members and guests to use the restroom or fitting room facility that corresponds with their gender identity.”
The company also specifically mentioned its support for the Federal Equality Act (FEA), which would amend the Civil Rights Act of 1964 to create a new set of legally protected classes. Such changes would ban discrimination on the basis of sexual orientation, gender identity, and sex in the areas of employment, housing, public accommodations, public education, federal funding, credit, and the jury system.
RELATED: Target: Transgender Alabamians can use whichever bathroom or dressing room they identify with
Since the day of its “inclusivity” announcement, the value of Target’s stock has dropped 5.8 percent. In quantifiable values, the price tag on the superstore chain’s stock has dropped almost five dollars per share, from $84.14 to $79.27.
According to a study from the Family Policy Institute, this drop has cost Target shareholders $2.5 billion on paper.
The issue of transgender bathrooms has sparked a nationwide debate and compelled The American Family Association to create a Target boycott petition that has garnered over one million signatures.
Many who oppose Target’s decision have felt vindicated in their criticism in light of an incident where an Alabama woman was filmed by a cross-dressing man in a Virginia bathroom. The incident, combined with Target’s policy, led the city of Oxford, Ala. to pass an ordinance banning such policies in any “public place of accommodation.”
RELATED: Alternative shopping options for Alabamians who are done with Target
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