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Target is not in a very good condition.
The CEO of Target has announced he will step down from his position.
Target CEO Brian Cornell announced he will step down next year and be replaced by Target’s Chief Operating Officer.
Target CEO Brian Cornell steps down after 10 years as retailer fights to reverse sliding sales https://t.co/y94G7TGxZT pic.twitter.com/WzV87mcIdl
— New York Post (@nypost) August 20, 2025
AP reported more on Target’s struggle:
Target is counting on a company veteran to revive its magic as it struggles to compete with rivals like Walmart.
The Minneapolis-based retailer said Wednesday that Chief Operating Officer Michael Fiddelke, who has been with Target for 20 years, will become CEO Feb. 1.
He succeeds Brian Cornell, who helped reenergize the company when he took the helm in 2014 but has struggled to turn around weak sales in a more competitive retail landscape since the COVID pandemic.
Fiddelke has overhauled Target’s supply network and expanded the company’s stores and digital services while cutting costs. In May, the company announced that he would lead a new office focused on faster decision-making to help accelerate sales growth.
Fiddelke is taking over at time when Target’s sales are in a funk, its stores are messy and understocked, and it’s losing market share to rivals.
He said he’s stepping into the role with three urgent priorities: reclaiming the company’s merchandising authority; improving the shopping experience by making sure shelves are consistently stocked and stores are clean; and investing in technology at the company’s stores and in its supply network.
The announcement was made alongside Target’s Q2 2025 earnings release, where the company reported a 0.9% drop in sales compared to the same three-month period last year. (Photo: Gary Hershorn via Getty Images) https://t.co/rj3aRxNpr5 pic.twitter.com/vJtckpl652
— Forbes (@Forbes) August 20, 2025
The Guardian reported more details on Target’s slow decline:
Sales at Target, which has almost 2,000 stores across the US, fell more than expected in the first quarter of 2025, and the retailer warned earlier this year that sales will continue to slip through the rest of the year. Target said people were scaling back spending over worries about the impact of tariffs and the state of the economy. The company also said customer boycotts affected sales.
The company scaled back many DEI initiatives in January after they came under attack by conservative activists and the White House.
The retreat created a backlash, and a poll in February found that Americans had changed their shopping habits and abandoned some stores in response to corporations shifting their policies to align with the Trump administration.
The Guardian reported in July that many Black Americans were boycotting stores including Target and Amazon, and earlier this year more than 250,000 people signed a pledge to boycott Target after the Rev Jamal Bryant, pastor of New Birth Baptist church in Georgia, called for a 40-day “Target Fast” that started at the beginning of the Lenten season.
The company had previously come under fire in 2024 after it reduced its collection of LGBTQ+-themed merchandise for Pride month, in response to rightwing criticism.
Target reported a 21% drop in net income in second quarter of this year. Sales were down slightly and the company reported a 1.9% dip in comparable sales – those from established physical stores and online channels. The company has seen flat or declining comparable sales in eight out of the past 10 quarters including the latest period.
This is a Guest Post from our friends over at WLTReport.