Target’s new chief executive, Michael Fiddelke, has outlined a multibillion-dollar strategy to revive sales and restore the retailer’s reputation as a fun, affordable destination for fashion, home goods, beauty products and groceries. Fiddelke, who succeeded Brian Cornell last month after more than two decades at the company, acknowledged the challenge of convincing skeptics that he can bring fresh thinking to the struggling chain.
In an interview with The Associated Press, Fiddelke said his 23 years at Target give him a clear view of when the company is performing well and when it is not. He pledged to combine that experience with candour about needed changes. The retailer reported another quarter of declining comparable sales on Tuesday, and has faced criticism for scaling back diversity initiatives and declining to take a public stance against immigration enforcement actions in Minneapolis.
Fiddelke is pushing merchandise buyers to travel more for inspiration, noting that creativity suffered during the pandemic when travel was limited. He cited the Alpine Chalet collection, inspired by a European Christmas market trip, as an example of the kind of innovation he wants to foster. He also emphasised the value of studying Target’s corporate archives, but warned against nostalgia, saying “the playbook from 10 years ago is not going to win in today’s retail.”
On trust, Fiddelke acknowledged that last year’s controversies hurt sales and that the company must work to win back customers. He highlighted Target’s long-standing commitment to communities, including giving 5% of operating profits back, and said the retailer will focus on rebuilding relationships. “There’s no easy button to win back trust, but we’ll do the work,” he said.
