Target’s turnaround plan isn’t built for this moment

Americans are feeling financially stretched: 92% cut back on spending last year, including curbing essentials like healthcare and groceries. Is this really the time for Target to be focused on trendy throw pillows, luxury beauty products, and premium sodas?

At Target’s investor day on Tuesday, CEO Michael Fiddelke tried to convince Wall Street that the retailer is about to undergo a massive turnaround, after years of declining comparable sales, most recently in this last quarter. His reinvention plan is anchored in stylish design...