Target has announced plans to invest billions of dollars this year to boost sales and restore its reputation as an affordable, stylish shopping destination. The strategy comes under new chief executive Michael Fiddelke, who took over last month after more than 20 years at the company.
Fiddelke, formerly chief operating officer, acknowledged the challenge of reversing declining comparable sales, which Target reported again on Tuesday. He said his long tenure gives him a clear view of when the company is performing well, and he aims to combine experience with candid assessment of needed changes.
Part of the plan includes encouraging merchandise buyers to travel more for inspiration. Fiddelke cited a recent European Christmas market trip that inspired the Alpine Chalet range, noting that travel was curtailed during the pandemic and that the company is now returning to full creative form. He also emphasised spending time in Target's corporate archives to learn from history without falling into nostalgia.
On community issues, Fiddelke defended Target's historical role as a productive partner, pointing to its practice of giving 5% of operating profits back to communities. He acknowledged that the company needs to win back trust from customers after last year's sales impact, but said there is no easy button to achieve that.
Fiddelke declined to comment on specific political stances, such as the immigration crackdown in Minneapolis, but reiterated that Target aims to be a place for everyone and reflect the communities it serves.
