Latest / Omni Talk Retail / Fast Five Shorts | Buy Or Sell: Target’s New Acceleration Office?
Transcript
- 0:00Target
- 0:00is
- 0:00betting
- 0:01on
- 0:01a
- 0:01new
- 0:02acceleration
- 0:03initiative
- 0:04to
- 0:04turn
- 0:04around
- 0:04its
- 0:05performance,
- 0:05according
- 0:06to
- 0:06Retail
- 0:06Dive.
- 0:07Target
- 0:07announced
- 0:07the
- 0:07establishment
- 0:08of
- 0:08an
- 0:08enterprise
- 0:09acceleration
- 0:09office,
- 0:10which
- 0:10is,
- 0:11quote,
- 0:11aimed
- 0:12at
- 0:12removing
- 0:13friction
- 0:13and
- 0:13enabling
- 0:14the
- 0:14team
- 0:14to
- 0:14make
- 0:15faster
- 0:15decisions
- 0:15in
- 0:16support
- 0:16of
- 0:16our
- 0:16growth,
- 0:17end
- 0:17quote,
- 0:17said
- 0:18Target
- 0:18CEO
- 0:19Michael
- 0:19Fidelke,
- 0:20who
- 0:21will
- 0:21also
- 0:21reportedly
- 0:22oversee
- 0:23the
- 0:23initiative.
- 0:23The
- 0:24news
- 0:24comes
- 0:24after
- 0:25Target
- 0:25kicked
- 0:25off
- 0:26its
- 0:26fiscal
- 0:262025
- 0:27with
- 0:27a
- 0:27decline
- 0:27in
- 0:28net
- 0:28and
- 0:28comp
- 0:28store
- 0:29sales
- 0:29reported,
- 0:29which
- 0:29were
- 0:30down
- 0:302.8
- 0:31and
- 0:313.8%,
- 0:32respectively,
- 0:34and
- 0:34in
- 0:34which
- 0:34the
- 0:35retailer
- 0:35also
- 0:35saw
- 0:36a
- 0:36drop
- 0:36in
- 0:36traffic
- 0:36and
- 0:37average
- 0:37ticket
- 0:37size,
- 0:38making
- 0:38it
- 0:38Target's
- 0:39third
- 0:40consecutive
- 0:40quarter
- 0:40of
- 0:41negative
- 0:41net
- 0:42sales.
- 0:43Not
- 0:43comp
- 0:43sales,
- 0:44but
- 0:44net
- 0:45sales
- 0:46results.
- 0:46Chris,
- 0:47are
- 0:48you
- 0:48buying
- 0:48or
- 0:49selling
- 0:49Target's
- 0:50new
- 0:50enterprise
- 0:50acceleration
- 0:51office
- 0:52as
- 0:52the
- 0:52key
- 0:52to
- 0:53this
- 0:53turnaround?
- 0:55Let
- 0:55me
- 0:55say
- 0:55this
- 0:56and
- 0:56pump
- 0:56the
- 0:56brakes.
- 0:57That's,
- 0:57that's
- 0:58the
- 0:58expression
- 0:58I'm
- 0:58saying
- 0:59on
- 0:59the
- 0:59acceleration
- 0:59office.
- 1:00Pump
- 1:00the
- 1:00brakes
- 1:01and
- 1:01I'm
- 1:01going
- 1:01to
- 1:01get
- 1:01out
- 1:01of
- 1:01the
- 1:01gate
- 1:02quickly
- 1:02on
- 1:02this,
- 1:02on
- 1:03this
- 1:03headline
- 1:03today,
- 1:04no
- 1:04one's
- 1:04surprised.
- 1:04No
- 1:05one's
- 1:05surprised.
- 1:06No
- 1:06one
- 1:06is
- 1:06surprised.
- 1:07But
- 1:07I'm
- 1:07going
- 1:08to
- 1:08get
- 1:08pretty,
- 1:08pretty
- 1:09pointed,
- 1:09too.
- 1:09I
- 1:09mean,
- 1:10the
- 1:11number
- 1:11one
- 1:11thing
- 1:11I
- 1:11would
- 1:11say,
- 1:12or
- 1:12the
- 1:12question
- 1:12I
- 1:12would
- 1:13ask
- 1:13is
- 1:13how
- 1:13feckless
- 1:14can
- 1:15the
- 1:15CEO,
- 1:16Brian
- 1:16Cornell,
- 1:17and
- 1:17more
- 1:17important,
- 1:17the
- 1:18board,
- 1:18actually
- 1:19be
- 1:19with
- 1:19this
- 1:19announcement?
- 1:20The
- 1:20last
- 1:20time
- 1:20I
- 1:20checked,
- 1:21what
- 1:21the
- 1:22acceleration
- 1:22office
- 1:22is,
- 1:23the
- 1:24acceleration
- 1:24office
- 1:25is
- 1:25charged
- 1:25to
- 1:25do
- 1:26is
- 1:26basically
- 1:27the
- 1:27main
- 1:27job
- 1:27of
- 1:27the
- 1:28CEO.
- 1:29Now,
- 1:29I've
- 1:29railed
- 1:31on
- 1:31this
- 1:31show
- 1:31for
- 1:32the
- 1:32past
- 1:32two
- 1:32years
- 1:33about
- 1:33how
- 1:33what
- 1:34happened
- 1:34last
- 1:34week
- 1:35was
- 1:35coming,
- 1:36you
- 1:36know,
- 1:36talked
- 1:37about
- 1:37it
- 1:37very
- 1:37regularly,
- 1:38honestly,
- 1:39and
- 1:39it's
- 1:40because
- 1:40Cornell
- 1:41never
- 1:41had
- 1:41a
- 1:41growth
- 1:42strategy.
- 1:42Never.
- 1:43He's
- 1:43never
- 1:43had
- 1:44one
- 1:44in
- 1:44place.
- 1:44And
- 1:44now,
- 1:45you
- 1:46know,
- 1:46everything's
- 1:46coming
- 1:46home
- 1:47to
- 1:47roost.
- 1:47And
- 1:47so
- 1:47the
- 1:47board,
- 1:48the
- 1:48other
- 1:48part
- 1:48about
- 1:48this
- 1:49is
- 1:49the
- 1:49board
- 1:49is
- 1:49just
- 1:49sitting
- 1:50there
- 1:50almost
- 1:50like
- 1:51they've
- 1:51been
- 1:51caught
- 1:51off
- 1:51guard
- 1:52to
- 1:52this
- 1:52whole
- 1:52thing
- 1:53when,
- 1:53yeah,
- 1:53lots
- 1:54of
- 1:54us
- 1:54have
- 1:54been
- 1:54talking
- 1:54about
- 1:55it.
- 1:55And
- 1:55now
- 1:55they
- 1:55sign
- 1:55off
- 1:56on
- 1:56an
- 1:56acceleration
- 1:57in
- 1:57office
- 1:58when
- 1:58the
- 1:58culture
- 1:59is
- 1:59dying
- 1:59on
- 2:00the
- 2:00vine
- 2:00from
- 2:00everyone
- 2:01we
- 2:01talk
- 2:01to
- 2:02and
- 2:02Cornell
- 2:02is
- 2:03just
- 2:03sitting
- 2:03there
- 2:03like
- 2:03a
- 2:04lame
- 2:04duck.
- 2:04The
- 2:05quote
- 2:05unquote
- 2:05acceleration
- 2:06office
- 2:06will
- 2:07also
- 2:07no
- 2:07doubt
- 2:07be
- 2:08the
- 2:08first
- 2:08thing
- 2:08the
- 2:08new
- 2:08CEO
- 2:09cuts
- 2:10whenever
- 2:10he
- 2:10or
- 2:11she
- 2:11comes
- 2:11in,
- 2:11because
- 2:12it's
- 2:12just
- 2:12plain
- 2:12stupid.
- 2:13I
- 2:14mean,
- 2:14there's
- 2:14no
- 2:14other
- 2:14way
- 2:14to
- 2:14put
- 2:15it.
- 2:16So
- 2:16I'm
- 2:16going
- 2:16to
- 2:16say
- 2:16it
- 2:16out
- 2:17loud.
- 2:17I'm
- 2:17going
- 2:17to
- 2:17say
- 2:17it
- 2:17out
- 2:17loud.
- 2:18I've
- 2:18said
- 2:18it.
- 2:18I
- 2:18don't
- 2:18think
- 2:19I've
- 2:19said
- 2:19it
- 2:19on
- 2:19this
- 2:19show,
- 2:20but
- 2:20I've
- 2:20said
- 2:20it
- 2:20in
- 2:21private
- 2:21circles.
- 2:21But
- 2:21I'm
- 2:21going
- 2:22to
- 2:22Say
- 2:22it
- 2:22out
- 2:22loud.
- 2:22Today,
- 2:22I
- 2:23think
- 2:23Brian
- 2:23Cornell
- 2:24is
- 2:24going
- 2:24to
- 2:24go
- 2:24down
- 2:24as
- 2:24the
- 2:24worst
- 2:25CEO
- 2:25in
- 2:25Target's
- 2:26history.
- 2:27And
- 2:27he
- 2:27should.
- 2:28Because
- 2:28when
- 2:28numerous
- 2:29articles
- 2:30and
- 2:30news
- 2:30outlets
- 2:30and
- 2:31social
- 2:31media
- 2:31are
- 2:32making
- 2:32comments
- 2:32comparing
- 2:33Target
- 2:34to
- 2:34Kmart,
- 2:35it's
- 2:35just
- 2:35gotten
- 2:36that
- 2:36bad
- 2:36an.
- 2:37In
- 2:37my
- 2:37opinion.
- 2:37And
- 2:38like
- 2:38I
- 2:38said
- 2:38last
- 2:39month,
- 2:39it's
- 2:40only
- 2:40going
- 2:40to
- 2:40get
- 2:40worse
- 2:41until
- 2:41the
- 2:41board
- 2:41gets
- 2:42rid
- 2:42of
- 2:42him
- 2:42and.
- 2:42And
- 2:43brings
- 2:43in
- 2:43someone
- 2:44that
- 2:44can
- 2:44bring
- 2:44back
- 2:45what
- 2:45Target's
- 2:45all
- 2:45about
- 2:46and
- 2:47re
- 2:47enliven
- 2:48it's.
- 2:48Expect
- 2:49more,
- 2:49pay
- 2:49less
- 2:49promise.
- 2:50Because
- 2:50when
- 2:50Target
- 2:51is
- 2:51running
- 2:52well,
- 2:52that
- 2:53is
- 2:53what
- 2:53it's
- 2:53known
- 2:53for.
- 2:54Yeah,
- 2:55it's
- 2:55just
- 2:55really
- 2:56sad.
- 2:56I
- 2:56mean,
- 2:57Target
- 2:58being
- 2:58compared
- 2:58to
- 2:59Kmart
- 2:59makes
- 3:00my.
- 3:00That
- 3:00just
- 3:01is.
- 3:01I
- 3:02don't
- 3:02know,
- 3:02makes
- 3:02me
- 3:03feel
- 3:03awful.
- 3:03Like
- 3:04that's
- 3:04not
- 3:04where
- 3:04Target
- 3:05should
- 3:05be.
- 3:05It's
- 3:05really.
- 3:07It
- 3:07is
- 3:07a
- 3:07brand
- 3:08that
- 3:08holds
- 3:09or
- 3:09held
- 3:09a
- 3:10lot
- 3:10of
- 3:11equity
- 3:11in
- 3:12people's
- 3:12hearts
- 3:13and
- 3:13minds.
- 3:13And
- 3:14I.
- 3:14Yeah,
- 3:14it's
- 3:15just.
- 3:15I,
- 3:15Again,
- 3:16I
- 3:16cannot
- 3:16say
- 3:16it
- 3:16enough.
- 3:17I
- 3:17just
- 3:18feel
- 3:18for
- 3:18every
- 3:19one
- 3:19of
- 3:19our
- 3:19friends
- 3:20and
- 3:20family
- 3:21members
- 3:22who
- 3:22are
- 3:22at
- 3:23Target
- 3:23right
- 3:23now
- 3:23and
- 3:24who
- 3:24are
- 3:24trying
- 3:24to
- 3:24navigate
- 3:24these
- 3:25waters,
- 3:26I
- 3:26think
- 3:26the
- 3:27only
- 3:27thing
- 3:27I
- 3:27would.
- 3:27I
- 3:28would
- 3:28add
- 3:28into
- 3:29the
- 3:29rant,
- 3:30Chris,
- 3:30would
- 3:30be,
- 3:31I
- 3:31don't.
- 3:32I
- 3:33don't
- 3:33hate
- 3:33the
- 3:34concept
- 3:34of
- 3:35an
- 3:35acceleration
- 3:35office,
- 3:36but
- 3:36it
- 3:36feels
- 3:37like
- 3:37something
- 3:37that
- 3:37should
- 3:38have
- 3:38been
- 3:38done
- 3:38during
- 3:39the
- 3:39pandemic
- 3:39several
- 3:40years
- 3:40ago
- 3:41when
- 3:41Target
- 3:41was
- 3:41riding
- 3:42high
- 3:42during
- 3:42that
- 3:42time
- 3:43to
- 3:43figure
- 3:43out
- 3:43how
- 3:43to
- 3:44continue
- 3:44that
- 3:44momentum.
- 3:45Right
- 3:46now,
- 3:46it
- 3:46just
- 3:46feels
- 3:47like
- 3:47it's
- 3:47too
- 3:48little
- 3:48too
- 3:48late.
- 3:48And
- 3:49I
- 3:49feel
- 3:49like
- 3:50that's
- 3:50the
- 3:50sentiment
- 3:50that
- 3:51I
- 3:51keep
- 3:51hearing
- 3:51from
- 3:52friends
- 3:52who
- 3:52are
- 3:52still
- 3:52at
- 3:53Target
- 3:53is
- 3:53like,
- 3:54Cornell's
- 3:55email
- 3:55that
- 3:55went
- 3:55out
- 3:56about
- 3:56the
- 3:56DEI
- 3:56initiatives.
- 3:57Too
- 3:57little
- 3:58too
- 3:58late.
- 3:58Like
- 3:58the.
- 3:59This
- 3:59acceleration
- 4:00office.
- 4:00Too
- 4:01little
- 4:01too
- 4:01late.
- 4:01You're.
- 4:02You're
- 4:02100%
- 4:03right
- 4:03that
- 4:03this
- 4:03just
- 4:03should
- 4:04be
- 4:04the
- 4:04role.
- 4:04Acceleration
- 4:05should
- 4:05be
- 4:06part
- 4:06of
- 4:06the
- 4:06CEO's
- 4:07role.
- 4:08And
- 4:08I,
- 4:09I
- 4:09will
- 4:09just
- 4:09end
- 4:09by
- 4:10saying
- 4:10one
- 4:10of
- 4:10the
- 4:10funniest
- 4:11things
- 4:11I
- 4:11heard
- 4:12to
- 4:12turn
- 4:12this
- 4:12around
- 4:13is
- 4:13that
- 4:14Target
- 4:15insiders
- 4:15are
- 4:15calling
- 4:15the
- 4:16acceleration
- 4:16office
- 4:17Target
- 4:18Doge,
- 4:19which.
- 4:20Which
- 4:20I
- 4:20thought
- 4:21was,
- 4:21like,
- 4:21not
- 4:22improving
- 4:22morale
- 4:23by
- 4:23any
- 4:23means
- 4:24inside,
- 4:24but.
- 4:25But
- 4:25it
- 4:25was.
- 4:26It
- 4:26gives
- 4:26you
- 4:26a
- 4:27sense
- 4:27of
- 4:27how
- 4:27those
- 4:28internal
- 4:28employees
- 4:29are
- 4:29feeling,
- 4:29and
- 4:30it's
- 4:30past
- 4:31time
- 4:31for
- 4:31someone
- 4:31new
- 4:32to
- 4:32take
- 4:32the
- 4:32helm
- 4:32and
- 4:32just
- 4:33clean
- 4:33house
- 4:33over
- 4:33there.
- 4:34Yeah.
- 4:35And
- 4:35you
- 4:35know
- 4:35what's
- 4:35funny?
- 4:35And
- 4:35I
- 4:36didn't
- 4:36think
- 4:36about
- 4:36this
- 4:36until
- 4:36you
- 4:37just
- 4:37said
- 4:37it,
- 4:37we
- 4:38were
- 4:38part
- 4:38of
- 4:38the
- 4:38previous,
- 4:39quote,
- 4:39unquote,
- 4:40acceleration
- 4:40office
- 4:41when
- 4:41we
- 4:41were
- 4:41part
- 4:41of
- 4:41the
- 4:42innovation
- 4:42portfolio,
- 4:43which
- 4:43Brian
- 4:44Cornell
- 4:44and
- 4:44the
- 4:45board
- 4:45abruptly
- 4:46shut
- 4:47down
- 4:48and
- 4:48said,
- 4:48we
- 4:49are
- 4:49not
- 4:49going
- 4:49to
- 4:49focus
- 4:50on
- 4:50innovation.
- 4:50We're
- 4:51going
- 4:51to
- 4:51stay
- 4:51core
- 4:51to
- 4:51what
- 4:52Target
- 4:52is,
- 4:52which
- 4:52in
- 4:53reality
- 4:53is
- 4:53antithetical
- 4:54to
- 4:54how
- 4:55Target
- 4:55originated.
- 4:56Target
- 4:57was
- 4:57a
- 4:57standalone
- 4:58concept
- 4:58created
- 4:59by
- 4:59the
- 4:59Dayton
- 4:59Hudson
- 5:00Corporation
- 5:00as
- 5:00an
- 5:01innovative
- 5:01idea.
- 5:02And
- 5:02so
- 5:02Cornell
- 5:03shut
- 5:03all
- 5:03those
- 5:03things
- 5:04down,
- 5:04and
- 5:04now
- 5:05he
- 5:05and
- 5:05the
- 5:05board
- 5:06are
- 5:06trying
- 5:06to
- 5:07bring
- 5:07this
- 5:07idea
- 5:07back.
- 5:08You're
- 5:08100,
- 5:08right.
- 5:09This
- 5:09is
- 5:09an.
- 5:09These
- 5:10are
- 5:10ideas
- 5:10that
- 5:10could
- 5:11work
- 5:11as
- 5:11long
- 5:12as
- 5:12they
- 5:12were
- 5:12interwoven
- 5:13in
- 5:13the
- 5:13DNA
- 5:13and
- 5:14they
- 5:14were
- 5:14thought
- 5:14about
- 5:14and
- 5:15done
- 5:15consistently
- 5:16year
- 5:16over
- 5:16year
- 5:17over
- 5:17year,
- 5:17and
- 5:17money
- 5:18and
- 5:18capital
- 5:18was
- 5:19devoted
- 5:19to
- 5:19them.
- 5:20Yep.
- 5:20All
- 5:21right,
- 5:21let's
- 5:21talk
- 5:21about
- 5:21something
- 5:22more
- 5:22fun.
- 5:23Yeah.
- 5:23Because
- 5:23I.
- 5:24I
- 5:24deliberately
- 5:24put
- 5:24this
- 5:25headline
- 5:25number
- 5:25two
- 5:25in
- 5:25the
- 5:26order.
- 5:26Get
- 5:26it
- 5:26over
- 5:26with.
- 5:26Get
- 5:27it
- 5:27over
- 5:27where
- 5:27we
- 5:27would
- 5:27be.
- 5:28Yeah.
- 5:28But
- 5:29the
- 5:29other
- 5:29thing
- 5:29I
- 5:29want
- 5:29to
- 5:30say,
- 5:30too,
- 5:30is
- 5:30for
- 5:31those
- 5:32fans
- 5:32out
- 5:32there
- 5:32are
- 5:32listeners
- 5:32that
- 5:33are
- 5:33always
- 5:33like,
- 5:33yeah,
- 5:33you're.
- 5:33How
- 5:34do
- 5:34I
- 5:34target?
- 5:34It's
- 5:35because
- 5:35I
- 5:35care.
- 5:36I
- 5:37wanted
- 5:37to
- 5:38have
- 5:38people
- 5:38see
- 5:38what
- 5:39was
- 5:39coming
- 5:39ahead
- 5:39of
- 5:40time
- 5:40so
- 5:40you
- 5:41wouldn't
- 5:41find
- 5:41themselves
- 5:41in
- 5:41this
- 5:42situation.
- 5:42But
- 5:42anyway.