Target has experienced falling sales for two years and reported a third consecutive quarterly decline driven by overstocking and a loss of customer relevance. The retailer faced massive consumer boycotts led by Black organizers after controversial staffing decisions and has also drawn criticism from the right over Pride merchandise. Competitive pressure from Amazon and the absence of a clear Prime rival eroded market position, while employee confidence in company direction weakened. Leadership changed when the 11-year CEO was replaced by an internal executive, raising investor concern that an internal appointment may not deliver needed transformation amid tariff risks.
Target is in trouble. And while it's easy to get lost in the company's recent (poor) handling of American culture war narratives that cast it as too woke or too willing to cave to online fascists, the root of Target's problems runs deep. Don't get me wrong the massive consumer boycotts from Black organizers have done damage. And there are probably folks on the far right who think even Target's toned-down, overwhelmingly beige Pride merch this year was still too loud.
Now, investors have another wrinkle to consider. On Wednesday, Target replaced its CEO of 11 years, Brian Cornell a shakeup that was widely expected and likely overdue. Taking his place to steer the brand out of its malaise is Cornell's right-hand man. The brand we petite bourgeoisie once playfully referred to as Tar-zhay has lost its spark. The company reported a decline in sales for a third straight quarter, part of a broader trend of falling or flat sales for two years.
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