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How Target is Facing Down the Retail Apocalypse

CEO Brian Cornell tells us why he’s still bullish on brick-and-mortar.
Bloomberg business news

The Death of the Department Store

When Brian Cornell joined Target Corp. three years ago, the cheap-chic retailer was reeling from slumping sales and a hacking attack that exposed the personal data of millions of customers.

He simplified things by pulling the company out of Canada, farming out its drugstore business and focusing on the stylish clothing and home décor items for which “Tar-zhay” is famous. Now facing increased competition from Inc. and a resurgent Wal-Mart Stores Inc., Cornell, 58, has responded by unveiling a $7 billion plan to open smaller urban stores, remodel others and lower prices. That figure doesn’t include the $550 million he just paid to acquire web delivery startup Shipt. Bloomberg News Senior Reporter Matthew Boyle sat down with Cornell to discuss strategy, and how he’ll weather what some are calling the retail apocalypse.