Target CEO Says Retailers Can’t Price Gouge in Competitive Industry

In a highly competitive environment, retailers cannot engage in the practice of price gouging, said Target CEO Brian Cornell. Vice President Kamala Harris recently proposed the first-ever federal price gouging ban on the food and grocery industries. Harris and other White House officials have claimed that businesses are taking advantage of the economic climate and overcharging customers by sharply raising prices to pad their profits. Cornell dismissed these assertions, telling CNBC’s “Squawk Box” on Aug. 21 that Target is “in a penny business.” “It’s a very competitive space,” he said, explaining that the industry faces small profit margins. The Target executive noted that retailers must be responsible to consumers because they possess the power to seek lower prices and other products by scanning their phones or visiting other stores....