Michael Fiddelke will assume Target's CEO role in February. The retailer has endured 11 consecutive quarters of flat or falling sales, boycotts from both political sides, persistent product stocking problems, and weakening in-store customer service. Target's share price has fallen 62% over the past year while key competitors' shares rose substantially. Target retains valuable locations and strong brand equity, but the issues extend beyond cultural flashpoints into deep operational failures that shape how people shop. Immediate priorities include rebuilding merchandising strategy, improving the in-store experience, and investing in technology to restore differentiation and customer value.
The longtime Target exec will officially take over the reins from Brian Cornell in February. The retailer has reported 11 straight quarters of flat or falling sales and has seen boycotts from both sides of the political spectrum over the past two years. Target has also struggled to stock products and maintain strong customer service in stores. Over the past year, Target's stock has fallen 62% while Walmart's stock has grown 20% and Amazon's stock is up 53%.
Marketing is part of the problem, but Target's challenges include deep operational issues that determine how people shop. "They've lost their Target-ness," said Steve Dennis, a former retail executive and president and founder of SageBerry Consulting. "There was a clear step up from Walmart and the off-price folks-they had more service, a friendlier position, and private labels. It seems like they've lost that."
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