Incoming Target CEO Michael Fiddelke has been leading the retailer's acceleration effort to combat falling sales. He laid out plans to restore growth.

Now, investors have another wrinkle to consider. On Wednesday, Target replaced its CEO of 11 years, Brian Cornell — a shakeup that was widely expected and likely overdue. Taking his place to steer the brand out of its malaise is … Cornell’s right-hand man.

Fiddelke acknowledged many of these problems on Wednesday, saying Target was “urgently adjusting” to tariffs and changing consumer needs, embracing technology to automate manual work, and working to mend problems like slow decision-making, siloed internal goals, and a lack of access to quality data that would drive better inventory planning.

Rivals Target and Walmart have long been considered polar opposites. The biggest difference lately, though, is financial performance, underscored by the retailers' earnings reports this week.

Target named Michael Fiddelke as its new CEO, effective Feb. 1. Target beat Wall Street's earnings and sales expectations and reaffirmed its outlook on Wednesday, even as the company's sales and traffic across its stores and website declined.

Between the pandemic upending shopping habits five years ago and the economy causing consumers to tighten their purse strings in 2025, it’s been a tumultuous half decade for retailers.

Cracker Barrel joins Target, Bud Light and other companies facing public outcry over corporate decisions as its new logo change triggers investor unease.

As of Thursday’s close, shares of Walmart were up 114% over the past three years, while those of Target have slid 42%. Following their most recent quarterly earnings this week, analysts pointed to a variety of reasons for that gulf — from the practical and financial to the existential.