Good morning. Earlier this week, I traveled to Target headquarters in Minneapolis to interview newly minted CEO Michael Fiddelke. (You can read my full story here.) Target had just reported a fourth straight quarter of comparable sales decline, continuing a slump that has seen it lose market share to many rivals. That same day, Fiddelke outlined for an audience of Wall Street analysts an ambitious plan he said would bring the most change Target has seen in a decade. But Fiddelke, a 23-year company lifer who took the reins five weeks ago, said that plan can’t work unless Target returns to a culture of talking honestly about failures.
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