The next Target CEO knows the retailer needs to do better. Here's his 3-part plan to get it back on track.

Core Insights - Target's new CEO, Michael Fiddelke, aims to revitalize the company after a period of declining sales and foot traffic [1][2] - Fiddelke has outlined a three-part strategy focused on enhancing merchandising authority, improving the shopping experience, and leveraging technology [2][8] Group 1: Leadership Transition - Michael Fiddelke will succeed Brian Cornell as CEO in February, taking over during a challenging time with six quarters of declining comparable sales [1] - Fiddelke acknowledges the company's current shortcomings and expresses a commitment to achieving profitable growth [2] Group 2: Strategic Focus - The strategy includes a renewed focus on "style and design" to reclaim Target's merchandising authority, emphasizing the importance of the $31 billion private label portfolio [2][3] - Fiddelke plans to expand partnerships with national brands beyond apparel and beauty into categories like housewares and food [3] Group 3: Customer Experience - The company aims to restore an "elevated and joyful" shopping experience that encourages unplanned purchases, which has been inconsistent across stores [4] - Fiddelke emphasizes the need to earn customer loyalty consistently, as reflected in their affection for local stores [8] Group 4: Technological Advancements - A tighter embrace of technology is deemed critical for operational efficiency, with significant investments planned across the organization [8] - Fiddelke has identified challenges such as outdated technology and manual processes that hinder decision-making and efficiency [9] Group 5: Immediate Initiatives - Some initiatives are already in progress, including a new merchandising concept and a dynamic e-commerce fulfillment model being tested in Chicago [10] - Fiddelke stresses that long-term success in retail is dependent on growth, which will be the primary focus for him and his team [10]