Target’s Shares Fall Just 3% Despite Massive Data Breech and Botched Crisis Management
Target waited until December 15 to post a customer notice acknowledging the data breach that began over Thanksgiving weekend.
While the Justice Department investigates a data breach that potentially affected 40 million Target customers in more than its 1,700 stores in the U.S., investors in the second-largest retail company are holding tight.
The data hack is the second largest incident of its kind in U.S. history; T.J. Maxx’s 2007 breech affected 47.5 customers. Target’s shares, however, have fallen just 3 percent since the data theft was revealed, Reuters reports.
Target saw a 5 percent reduction in customer traffic even though it offered a storewide 10 percent discount to customers in the wake of the breech.
As holiday shopping got underway, customers scrambled to cancel their credit and debit cards and millions faced
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