Target is investing $1 billion to refresh its stores and integrate ChatGPT into its app as it struggles through its 10th quarter of negative or flat comparable sales. Incoming CEO Michael Fiddelke said the retailer must improve the in-store experience to reverse declining traffic and transaction sizes.
Target Bets on $1 Billion Store Refresh
Third-quarter sales fell 2.7%, though earnings slightly beat expectations. With shoppers stretched by inflation and layoffs, Target has lagged behind Walmart and Costco, its stock down 35% this year. Fiddelke pledged sharper pricing and revamped assortments, while Rick Gomez noted holiday spending will prioritize gifts over décor. Fiddelke takes over February 1.
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