Target's new CEO says fresh eyes and respecting core values will help him regain customer trust

Target will spend billions this year as new CEO Michael Fiddelke, a 23-year company veteran, seeks to refresh stores and merchandise to rebuild customer trust.

Target plans to spend billions this year to end a persistent sales slump and to regain its image as a fun place to shop for stylish clothing, housewares, beauty products and packaged food at affordable prices. Michael Fiddelke took over as CEO last month after more than 20 years at the company, including time as chief operating officer and chief financial officer. The retailer reported another quarter of declining comparable sales and has faced pressure from some investors who wanted an outsider to lead after Brian Cornell stepped down. Fiddelke said he is aiming to refresh stores and merchandise and to regain customer trust. Key points: - Target plans to spend billions this year as part of a turnaround effort and to refresh its customer-facing offerings. - Michael Fiddelke became CEO last month and has worked at Target for more than two decades, including roles as COO and CFO. - The company reported another quarter of declining comparable sales and faced investor calls for an outsider to lead the company after Brian Cornell's departure. - Fiddelke emphasized combining his long experience with candid assessment of where Target needs change. - Merchandise buyers are being encouraged to travel again for outside inspiration; Fiddelke cited a European market trip that inspired a recent store display and said pandemic limits had reduced that stimulus. Summary: Fiddelke says he will use planned spending, refreshed store presentation and renewed creative sourcing to try to rebuild customer trust while addressing recent sales declines. The company has outlined these steps publicly, but the ultimate impact and timeline are undetermined at this time.