Target’s new CEO unveils his turnaround plan
By Nathaniel Meyersohn, CNN
Minneapolis (CNN) — Target’s new CEO wants to re-establish the company’s “Tarzhay” reputation after a brutal few years.
CEO Michael Fiddelke said Tuesday that Target was beginning its “next chapter of growth” and would improve its merchandise and store design to win back shoppers. Target will increase capital spending by 25% to $5 billion this year to bolster operations, technology and other areas of the business.
Target plans to provide more details on its turnaround plan at an investor event Tuesday.
Fiddelke took over as Target’s chief executive last month. He started his career at Target as an intern in 2003 and rose up the company’s ranks.
Target has struggled in recent years. The company has faced stiff competition from Walmart and Amazon, and it’s also made strategy mistakes. It scaled back Pride displays and rolled back DEI programs, angering its liberal customers.
Target’s sales have stagnated and its stock has dropped nearly 30% over the last three years.
Target also had a weak holiday. Target’s sales at stores open for at least one year dropped 2.5% during its latest quarter, the company said Tuesday.
But the company says things are starting to get better. Sales rose in February and the company expects total sales to grow around 2% this year.
This is a breaking news story and will be updated.
The-CNN-Wire
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