Target used to be a cheap and chic place to shop, but now the retailer is in a sales funk, losing market share to competitors like Walmart, Costco, and Amazon. WSJ’s Sarah Nassauer explores what happened to the beloved box store’s numbers and the strategies executives may be discussing to get back on target. Further Reading: -Target’s Slide From Cheap Chic to Dull Chore Further Listening: -What Went Wrong at Bed Bath & Beyond? -Old Navy Tried to Make Sizes for All. It Backfired. Learn more about your ad choices. Visit megaphone.fm/adchoices
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For decades, Target has held a special place in the hearts of American consumers. It's not just a place to shop, it's a cool place to shop.
I mean, part of what I find really interesting about Target is that people have this passion for it.
That's our colleague Sarah Nassauer, who covers retail.
And there's this sort of thing where Target has been able to kind of transcend like just utilitarian shopping, right? And be like a fun thing to do. I mean, it's really, it's the Target thing. I'm sure you've heard that term.
Do you say Target or Target? Because that's going to tell me all I need to know.
Target. No, it ain't. It's Target. Look at the tones.
Target. Now, if you say you're going to Target, I know you're bougie, you're hip, you're with it.
And it was this idea that, yes, I'm going to like buy whatever, shampoo and socks and, you know, maybe a gallon of milk. But it will be kind of a nice experience because I'm going to Target. I'm going to Target.
But recently, shopping at Target has become a lot less fun. Shoppers have been complaining about empty store shelves, more products being locked up, and long lines at checkout counters. These troubles are having an impact on Target's business. Its sales are flat, and its profits are weaker than expected. The company's stock is down more than 50% from its high three years ago.
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