Matt Frankel

are less apparent than they used to be, just in the in-store experience.

Their omnichannel presence used to be better than Walmart's, now it's not.

It's just one example of it.

They need to really get back to giving people a reason to go there, especially at times like this when consumers are squeezed.

It is.

They have to, one, normalize their store experience across their brand.

You probably know, I have a vacation house in Orlando, and the Target there is always packed, it's beautiful, it's always clean, it's got everything I need.

The one near me is the complete opposite.

There's never more than two cashiers working at the same time.

It's just a terrible in-store experience.

There's a lot to not like about that.

I do like that they're really leaning into their membership program, not because I think the $99 membership to Target Circle 360 is going to make a big difference, which was up 25% year over year, but it's still a rounding error in their earnings.

But the average member of that spends eight times more than the average non-member.

I really like that they're leaning into that.

They're making the right moves.

I don't want to say that this is Kmart yet, but management should be very afraid of this becoming the next Kmart.

It matters in the same sense that an accelerated buyback is management saying that the stock is cheap.

That's especially true if it's on the more aggressive side.

Let's take SoFi, for example.

Anthony Noto, he just spent $1 million to buy shares.