Retail giant boosts product assortment, broadens one-day shipping service for upcoming festive season
Target Announces Holiday Season Plans and New CEO
Target, the popular retail giant, has unveiled its plans for the upcoming holiday season, as well as its new CEO, Michael Fiddelke. Fiddelke, a longtime company veteran, will take over from Brian Cornell in February.
Starting from September 24, interested applicants can apply for seasonal roles in both stores and supply chain facilities through Target's dedicated web page. The company has not disclosed a specific number for new seasonal hires.
Fiddelke's approach to redirecting the business trajectory was evident on a second quarter earnings call last month. He noted that such results demonstrate that Target is not realizing its full potential. Net earnings for the latest quarter declined 21.5% to $935 million, and net sales dropped 0.9% year over year to $25.2 billion.
To combat these declines, Target is focusing on deals and new merchandise. From November 1, the retailer will offer hundreds of weekly deals, with some items in its "Deal of the Day" being up to 50% off. Members of Target Circle 360, the company's paid program, will get access 24 hours in advance.
Target is also introducing 20,000 new products for the holidays, double the amount from 2024. Over half of these products will be exclusive to Target. The focus on deals is a response to macroeconomic pressures, as indicated by a Deloitte survey in July and the increase in middle- and higher-income shoppers at discount retailers.
In addition, Target is expanding its next-day delivery service to the 35 top metro areas in the U.S. by the end of October. The new metro areas include Orlando, Florida; St. Louis; Charlotte, North Carolina; and more.
Michael Scrafford, Target Vice President of Experiential Store Operations, stated that "newness and freshness" is critical, and the company wants to meet customers where they are, when they are, and how they want to shop. Fiddelke echoed this sentiment, stating that Target must reestablish its merchandising authority, improve the retail experience, and use technology to improve speed, guest experience, and efficiency.
The Target Circle Week deals event will take place from Oct. 5 to Oct. 11. With these initiatives in place, Target aims to regain its position as a leading retailer and provide an enjoyable shopping experience for its customers during the busy holiday season.
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