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What went wrong at Target

<i>Craig T Fruchtman/Getty Images via CNN Newsource</i><br/>People walk in front of the Target Store in Times Square on May 15 in New York City. Target CEO Brian Cornell is stepping down after 11 years amid struggles at one of America’s most prominent retail chains.

By CNN Newsource

Published August 20, 2025 1:42 pm

By Nathaniel Meyersohn, CNN

(CNN) — Target CEO Brian Cornell is stepping down after 11 years amid struggles at one of America’s most prominent retail chains.

Cornell helped engineer a turnaround at Target, but it’s been a rocky few years for the retailer. Incoming Target CEO Michael Fiddelke, a veteran leader at the company, will have a tough task ahead as he faces tumbling sales, tariff pressure and a consumer slowdown.

But Target has been in a deep slump for years, mostly due to its own strategic missteps. The company has quickly fallen behind rivals like Walmart, Amazon and Costco.

Here’s how Target reached new heights – and then fell – during Cornell’s tenure.