In this articleTGTPeople walk by a Target store in midtown Manhattan in New York City, March 21, 2025.Kylie Cooper | ReutersWhen Target's new CEO Michael Fiddelke steps into the role in early February, he will inherit a company facing slumping sales, faltering customer loyalty and skeptical investors.Its fiscal second-quarter results posted Wednesday illustrated the big-box retailer's key challenges. Sales fell again from the year-ago period. Customer traffic declined. And shoppers spent less on average dur ...

Target shares tanked 7% after it tapped a longtime insider as its new chief executive – sorely disappointing investors who had hoped the struggling “cheap chic” retailer would lure a retail guru from outside.Michael Fiddelke, the 49-year-old chief operating officer of the “cheap chic” retailer, will take the helm Feb. 1 to replace CEO Brian Cornell who will step into the board’s executive chairman role, the company said Wednesday.Cornell, 66, who led the company for a decade, said: “There is no one better s ...