Brian Cornell, CEO of Target: “They’re buying less stuff.”  Consumer discretionary goods spending is noticeably down at Target stores with 7 consecutive quarters of both dollars and units declining.

Less apparel, fewer toys and less home items are being bought, so there are some areas in the economy where there is a recession.  This is a reversal of the prior years in which they were chasing demand.

Mr. Cornell also addresses the “shrinkage” of over $112B from retail stores through theft and his strategy to combat it.