Target CEO Michael Fiddelke Unveils Turnaround Plan Boosting Capital, Operations

Michael Fiddelke, who stepped into the chief executive role last month, laid out a broad turnaround plan at an investor event at Target’s Minneapolis headquarters on March 3, 2026, calling it the company’s “next chapter of growth.” The centerpiece is a 25% increase in capital spending to $5 billion this year, money Target says will fund store improvements, technology upgrades and operational changes.

The company’s urgency is clear in its recent results: sales at stores open at least one year dropped 2.5% in its most recent quarter, and Target’s stock has fallen nearly 30% over the past three years. Company leaders told investors that “February sales showed improvement,” and Target now expects overall sales growth of about 2% this year as it tries to stabilize performance.

Fiddelke’s plan mixes store and assortment moves. Executives outlined category expansions in food, beauty, apparel and home furnishings, with beauty examples that include trendy brands such as Supergoop sunscreen. The company also plans to add more sports and games merchandise for children as part of a push to refresh traffic-driving assortments while capital upgrades proceed.

Operational fixes are a core focus of the capex spend. The company framed the $5 billion increase as targeted at “store improvements, technology upgrades and operational changes aimed at improving the customer experience.” Analysts have repeatedly flagged on-the-ground problems — messy stores, empty shelves and long checkout lines — and Target acknowledged the scale challenge of keeping nearly 2,000 stores fully stocked and properly staffed.

Investor and market coverage around the investor event tracked the unfolding plan. A Morningstar / Dow Jones headline summarized the slate as: “Michael Fiddelke will present his proposal to fix things at Tuesday's investor meeting.” Fiddelke also sat for a televised interview with CNBC’s Sara Eisen, a 4 minute 31 second segment in the network’s feed, to discuss the company’s new chapter and turnaround plan.

Outside analysis is already weighing operational and workforce implications of the strategy. A Motley Fool analysis published March 3, 2026, aimed at investors, explicitly touched on operational and workforce implications tied to the CEO transition and the strategic shifts Fiddelke outlined. Supporters cited Fiddelke’s long history with Target as a qualification, saying his background “positions him well to lead its recovery,” with an understanding of the company’s strengths and weaknesses.

Target’s roadmap now ties a sizable near-term capital outlay to both merchandising refreshes and fixes on routine store operations. The company projects about 2% sales growth this year while attempting to correct a multi-year sales slide and the operational failings that have plagued nearly 2,000 stores. How quickly those store-level improvements and staffing shifts translate into the sales recovery Fiddelke described will be the immediate test of the plan.