After three years of shedding customers to Walmart and Costco, Target is trying something different. New CEO Michael Fiddelke unveiled his turnaround strategy Tuesday, promising beauty studios, baby concierge services, and double the grocery selection to win back shoppers who abandoned the retailer’s “Tarzhay” brand.
The changes are extensive: Target will add beauty studios to 600 stores, revamp baby departments with concierge pilots, and double unique grocery items over three years. The company also plans to expand “shop-in-shop” destinations and offer more food samples.
Wall Street liked the sound of this. Target’s stock jumped 8% during Fiddelke’s first investor day as CEO. The company expects sales growth this year after struggling since the pandemic, betting that recapturing Target’s distinctive swagger will reverse the sales slump.
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After three years of shedding customers to Walmart and Costco, Target is trying something different. New CEO Michael Fiddelke unveiled his turnaround strategy Tuesday, promising beauty studios, baby concierge services, and double the grocery selection to win back shoppers who abandoned the retailer’s “Tarzhay” brand.
The changes are extensive: Target will add beauty studios to 600 stores, revamp baby departments with concierge pilots, and double unique grocery items over three years. The company also plans to expand “shop-in-shop” destinations and offer more food samples.
Wall Street liked the sound of this. Target’s stock jumped 8% during Fiddelke’s first investor day as CEO. The company expects sales growth this year after struggling since the pandemic, betting that recapturing Target’s distinctive swagger will reverse the sales slump.
Sign up for the Entrepreneur Daily newsletter to get the news and resources you need to know today to help you run your business better. Get it in your inbox.
