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Target’s brand new CEO faces a sales slump and turmoil in Minneapolis
Michael Fiddelke prioritizes merchandising, technology, and community investments to counter Target's 12 quarters of sales decline and address protests over ICE killings.
- Michael Fiddelke assumed the CEO role Sunday as Brian Cornell became executive chairman, and Fiddelke sent a Monday letter outlining urgent priorities.
- Target reported weak quarterly results with revenue falling 1.5% to $25.3 billion and same-store sales declining 2.7% amid intensified competition from Amazon, Walmart and Costco.
- Target is increasing capital spending to $5 billion, boosting investments in stores, merchandise, and technology as part of its four initial priorities, including merchandising authority.
- Consumers have staged demonstrations at dozens of Target stores, with anti-ICE activists occupying 23 Twin Cities stores after the Jan. 24 killing of Alex Pretti and rallies of 50, 100 and 300 people in Minneapolis, Seattle and other cities.
- Analysts warn that structural challenges remain, noting Target peaked in 2022 and must fix inventory gluts, understaffing, and store-readiness lapses to succeed.
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21 Articles
Crippled Target Promotes Someone Who Helped Break It
No large retailer in America has posted worse results over the past five years than Target Corp. (NYSE: TGT). And the board has shown another example of the poor judgment that hurt it. Michael Fiddelke, Target’s chief operating officer, was promoted to chief executive, after working for his boss Brian Cornell. 24/7 Wall St. Key Points The Target Corp. (NYSE: TGT) board of directors showed poor judgment in its choice for new chief executive. T…
·New York, United States
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Coverage Details
Total News Sources21
Leaning Left4Leaning Right2Center11Last UpdatedBias Distribution65% Center
Bias Distribution
- 65% of the sources are Center
65% Center
L 23%
C 65%
12%
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