Target CEO says fresh eyes, respecting core values will help regain customer trust
ABC News
Target plans to spend billions of dollars this year to end a persistent sales slump and to regain its image as a fun place to shop for stylish clothing, housewares, beauty products and packaged food at affordable prices
MINNEAPOLIS -- Target plans to spend billions of dollars this year to end a persistent sales slump and to regain its image as a fun place to shop for stylish clothing, housewares, beauty products and packaged food at affordable prices.
The CEO guiding the turnaround plan is Michael Fiddelke, who stepped into the chief executive role last month but has worked for Target for more than 20 years.
Fiddelke, who previously served as chief operating officer, has his work cut out for him. Some investors wanted an outsider to lead the company when Brian Cornell stepped down as CEO after more than 11 years. On Tuesday, the mass-market retailer turned in another quarter of declining comparable sales. Target also faced pressure to take a public stand against the immigration crackdown in Minneapolis, where the company is based.
During an interview with The Associated Press at the company's headquarters, Fiddelke talked about how he is trying to refresh stores and Target's merchandise selection, regain the trust of customers and navigate a political and economic climate that has compounded the company’s troubles. The interview has been edited for clarity and length.
FIDDELKE: Prove is the right word. It's a ‘Prove it’ story. I have the benefit of a 23-year running start that has taught me so much about how retail works. I’ve gotten to see Target at its very best. I've gotten to see us when we are not at our very best, and that leads (to) a real clear view for me of when we’re hitting on all cylinders. It means even being candid on the stuff that I had my fingerprints on. I was COO for two years. I was CFO for some times that were great, and some times that weren’t.
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