MINNEAPOLIS – In an effort to revive its sales and polish its brand image, Target is set to invest billions this year. The goal is to recapture the fun, stylish atmosphere that attracts customers seeking trendy clothing, home goods, beauty items, and groceries at reasonable prices.
At the helm of this revitalization effort is Michael Fiddelke, who took over as CEO last month after more than two decades with the company. His extensive history with Target positions him uniquely for this challenge.
Fiddelke, who was previously the chief operating officer, faces significant tasks ahead. When Brian Cornell ended his 11-year tenure as CEO, some investors hoped for an external successor. Recently, Target reported another drop in comparable sales and has been urged to publicly oppose the immigration crackdown in its hometown of Minneapolis.
In a conversation with The Associated Press at Target’s headquarters, Fiddelke outlined his strategies for rejuvenating store experiences, revamping product offerings, restoring customer loyalty, and navigating a challenging political and economic environment. The discussion has been condensed and edited for clarity.
AP: What steps are you taking to convince doubters that you offer a fresh perspective to tackle Target’s sales challenges?
FIDDELKE: “Prove” is indeed the operative word. It’s a “Prove it” narrative. With 23 years of experience in retail, I’ve gained invaluable insights into our operations. I’ve witnessed Target’s peak moments and its less stellar times, giving me a sharp understanding of our full potential. It’s about being honest, even with areas I’ve influenced. As COO for two years and previously as CFO, I’ve seen both triumphs and trials firsthand.
So as long as I’m able to couple — and I believe I can — the benefit of that experience with clear-eyed candor about where we’re at and where we need to drive change, I like that combination.
AP: You’re pushing Target’s merchandise buyers to travel more to get inspiration?
FIDDELKE: One of the things that’s critical to being design-led is you have to have an environment that fosters creativity in the right way. And I think if you were to pull any buyer into this discussion, they would say that outside stimulus of what’s different, what did I just see, that can often come in travel to other markets. The Alpine Chalet that you saw in our stores just this recent (fourth quarter) — the inspiration for that was from a European Christmas market trip. Where we lost it was during the pandemic. Travel was limited for a couple of years. We’re back to full form now. It probably took us a little longer than it should have, but it’s all about creating the conditions for creativity.
AP: You’ve been spending time at Target’s corporate archives?
FIDDELKE: I think that history can be instructive on centering who we are in our core. That’s different than nostalgia for nostalgia’s sake. And so there’s an important balance to hold in our heads where spending time in the archives, spending time talking with leaders who have led Target at different chapters. That’s all helpful. And you can’t just fall in love with nostalgia. The playbook from 10 years ago is not going to win in today’s retail.
AP: Target has taken heat for pulling back on DEI programs and now not taking a public stand against ICE crackdowns in Minneapolis. What could have been done differently?
FIDDELKE: I’ve been at Target 23 years. It has certainly been true in every single one of those 23 years that Target has a deep history of being a productive partner in the communities in which our 2,000 stores operate. And our roots run deep there. Companies of our scale giving 5% of our operating profits back into community. You don’t find a lot of those. And so knowing kind of core truths about who we are, our role in community, matters. Investment in team matters. Target being a place for everyone matters. The teams we build that reflect the communities that we serve, that’s true for the guests in our stores, that’s for the partners that find a place on our shelf.
AP: Have boycotts affected your sales?
FIDDELKE: As we went through last year, it was one of the things that impacted our sales. And so we know we’ve got trust to win back with guests, and we’ll be focused on doing it. There’s no easy button to win back trust, but we’ll do the work.
AP: Why hasn’t Target taken a stronger stand against ICE? I know businesses have to legally allow agents in stores.
FIDDELKE: When I think about navigating the start of the year here, especially in our hometown in Minneapolis, the thing that we have kept front and center every single day is the safety of our team. And so the safety of the team and the safety of our guests has been our North Star for decision making, and that’s guided every decision that we’ve made.
AP: Has Target seen a pullback of Hispanic customers as some are too afraid to shop during a time of immigration crackdowns?
FIDDELKE: Even over the course of the last year, even at the end of the year, we saw a business that, broadly speaking, was below where we expected. And so, I’m not satisfied with our performance in total. I wouldn’t call out any specific subgroups within that.
AP: Do you think people hold Target to a higher standard than other companies?
FIDDELKE: I think we’re an emotional brand. We’re a brand people love. And the thing I can say is we hold ourselves to a high standard in the product that shows up on our shelves and the experience that we create and the way we show up in the community. So I can’t speak for everyone, but we know where we’re focused.
AP: How do you operate in an environment where the president might punish companies that don’t fall in line?
FIDDELKE: The best thing for us to do is always focus on a clear strategy. Control what we can control. I think over the past several years, there’s been a lot of volatility to manage in the environment. There’s a lot that falls into the we-can’t-control-it bucket, whether it’s the global pandemic or whether it’s changes in policy. And so the right thing for us to do is to be laser-focused on how do we best show up for all those families and guests that depend on us every day.
AP: Tell me a little about what you’re finding as you visit stores around the U.S.
FIDDELKE: If I had to characterize what I’m hearing from the team, it’s a team that’s hungry to win. There’s so much pride in Target and there’s so much excitement to get this company back to growth. And I think just like I’m not satisfied with our performance the last few years, a team would tell you the same.
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