A new survey finds that customer satisfaction has plunged as retail giant Target continues to struggle to recover from its now one-year-old financial slide.
Target has gone four full quarters slipping in a variety of metrics from profits, stock prices, and even perception of its brand name. But a new survey by investment bank Cowen has also found that customer satisfaction has also tumbled.
The survey of 2,500 Target customers shows declines across the board, including customer service, merchandise selection, and overall quality. According to the survey, Target’s satisfaction level has fallen 383 points to 66.7 percent, MSN Money reported.
As MSN ruefully noted, “It appears unhappy Target shoppers could be taking their business elsewhere.”
Meanwhile, the company’s fortunes continue to decline.
On Wednesday, the discount retailer reported first quarter same-store sales fell 1.3%. While that was better than analyst estimates for a 3.6% drop, it marked the fourth straight quarterly decline in the key retail measure. Walmart’s U.S. business, on the other hand, saw same-store sales gain 1.4% in the first quarter on the back of efforts to slash food prices and bolster customer service
Cowen analyst Oliver Chen stated that “Target as the retailer is likely losing share on everyday essentials, as customers turn to Amazon, Walmart, and other places.”
While insisting that things are turning around for his company, Target CEO Brian Cornell admitted, “We aren’t doing any high fives in the [board] room.”
The CEO is also finding consequences from the company’s fall. This month it was reported that the retailer slashed its CEO’s pay by at least one-third.
Cornell is not the only high-ranking officer at Target to feel the pain. As the company works to revamp itself in the face of its ongoing troubles, several top executives have been fired or have otherwise moved on from the retailer.