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Target's New CEO Tackles Sales Decline Amid Minneapolis Turmoil

KVIA•Monday, February 2, 2026 at 12:00 PM•CNN Newsource

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Michael Fiddelke has officially taken over as CEO of Target amid significant challenges, including declining sales and heightened competition from major retailers like Amazon and Walmart. After experiencing a boom during the pandemic, Target's sales have stagnated due to inflation and inventory issues, leading to a nearly 30% drop in stock over the past three years. Additionally, Fiddelke faces a politically charged environment in Minneapolis, where protests have erupted over federal immigration operations and recent violence involving federal agents. His turnaround strategy includes increasing capital spending by 25% to enhance store operations and introduce new brands, aiming to restore Target's reputation for affordable, trendy products.

Key Details: • Michael Fiddelke began his role as CEO on Sunday. • Target's stock has decreased by nearly 30% in three years. • The company is increasing capital spending to $5 billion for improvements. • Protests have occurred at multiple Target locations in Minneapolis. • Fiddelke aims to restore the brand's appeal to middle-income families.

immigration business retail minneapolis target

People & Organizations

TargetMinneapolisAlex PrettiMichael FiddelkeRichfieldR5 Capital

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