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  • What we're covering
    • Zelensky in Washington: European leaders will join Ukrainian President Volodymyr Zelensky at the White House, as he meets with US President Donald Trump this afternoon. Trump said Zelensky must agree to some of Russia’s conditions — including that Ukraine cede Crimea and agree never to join NATO — for the war to end.
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    • Potential security guarantees: At last week’s summit with Trump, Russian President Vladimir Putin agreed to allow security guarantees for Ukraine and made concessions on “land swaps” as part of a potential peace deal, US envoy Steve Witkoff told CNN. Zelensky suggested that such guarantees would need to be stronger than those that “didn’t work” in the past. Russia has yet to mention such agreements.
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    • On the ground: Zelensky condemned Russia’s latest strikes across Ukraine, which killed at least 10 people, saying the Kremlin intends to “humiliate diplomatic efforts” and underscores “why reliable security guarantees are required.”
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  • Target is in trouble. And while it’s easy to get lost in the company’s recent (poor) handling of American culture war narratives that cast it as too “woke” or too willing to cave to online fascists, the root of Target’s problems runs deep.
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    Don’t get me wrong – the massive consumer boycotts from Black organizers have done damage. And there are probably folks on the far right who think even Target’s toned-down, overwhelmingly beige Pride merch this year was still too loud.
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    But its stock is in the gutter and sales have been falling for two years because of good ol’ business fundamentals. It overstocked. It lost the pulse of its customers. It went up against Amazon Prime with… actually, does anyone know what Target’s Amazon Prime competitor is called?
    The brand we petite bourgeoisie once playfully referred to as Tar-zhay has lost its spark. The company reported a decline in sales for a third-straight quarter, part of a broader trend of falling or flat sales for two years. Employees have lost confidence in the company’s direction. And 2025 has been a particularly rough financially, as Black shoppers organized a boycott over Target’s decision to cave to right-wing pressure on diverse hiring goals.
    Shares were down 10% Wednesday.

    It’s not to say the new guy, Michael Fiddelke, is unqualified. He’s been at Target since he started as an intern more than 20 years ago, after all. But Wall Street is clearly concerned that Target’s leadership is underestimating the severity of the need for a significant change— just as President Donald Trump’s tariffs on imported goods threaten the entire retail industry.

    Appointing a company lifer “does not necessarily remedy the problems of entrenched groupthink and the inward-looking mindset that have plagued Target for years,” Neil Saunders, an analyst at GlobalData Retail, said in a note to clients Wednesday.

    Missing the mark
    In its 2010s heyday, Target became a go-to for consumers who liked a bargain but didn’t necessarily like bargain-hunting. The shelves felt well-curated. You’d go to Target because it had one thing you needed and 12 things you didn’t know you needed. It was stocked with Millennial cringe long before Gen Z gave us the term Millennial cringe.

    Target’s sales held strong through the pandemic as remote workers set up home offices and stocked up on essentials. Months of lockdown also benefited the store as people began refreshing their spaces because they didn’t really have much else to do and they were staring at the same walls all the time.
     

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