Target CEO Brian Cornell is stepping down after 11 years, as the company faces slumping sales and backlash to its DEI rollback. Here’s what happened to Target.

Minneapolis

Target is experiencing a period of declining sales and falling stock prices, prompting the appointment of a new CEO, Michael Fidelke, who has been with the company for two decades. The retailer, once a standout during the pandemic due to surging sales, has faced operational pressures, including inventory shortages, untidy stores, and insufficient staffing.

Additionally, Target's decision to scale back its diversity, equity, and inclusion (DEI) initiatives led to public backlash and a boycott, further impacting store traffic and sales. Investors had hoped for an external leader, but Fidelke now plans to focus on revitalizing Target's brand, enhancing customer experience, and leveraging technology to improve operations.

What happened to Target?

Target is hoping a new CEO will turn around its slumping sales and stock dropping. But how did Target, a darling of the pandemic across America, end up in such a dire situation? Our performance over the last few years has not been acceptable. To understand how Target got here, we have to go back to 2020. When the pandemic struck, they were the store that people turned to. And sales soared. CEO Brian Cornell, who at the time had been at the helm for six years, was already bringing about change to the big box retailer by stocking the shelves with striking merchandise and adding plenty of staff. But then, cracks began to emerge. I think Target grew extraordinarily fast during the pandemic. With that growth also came some pressures on the operations. For years, Target was always accused of never having enough in stocks. You'd always see some shelves that were empty. The stores don't look quite as tidy as they used to. There's long lines at the register sometimes. And there's not enough staff at the front end to help support that. Another big problem. Target rolled back its DEI initiatives earlier this year. And that sparked backlash and a boycott. To see mega companies now walk away from diversity, equity, and inclusion is a stark contrast from where we were five years ago. We have seen a slowdown in sales, maybe less visitors to the stores. We're having frustrated constituencies on both sides of the aisle, quite honestly. Michael Fidelke will take over as CEO in February. The current Chief Operating Officer has been at Target 20 years, disappointing some investors who were hoping for an outsider. So what's his plan? Bring back Target's reputation for fun and unique items, improve the customer experience, and use technology to operate more efficiently. While we're proud of the many ways that Target is unique in American retail, we have real work in front of us. And to be blunt, we need to move faster. Much faster.

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