Walmart Inc. and Target Corp. have long been the two big kids on the fashion retail playground — and have grown only more so over the past decade-plus.
Now, both Walmart and Target are facing a changing of the guards with new chief executive officers ready to step in next year.
While both businesses are large and have been sharpening their tech chops under current leadership, performance has diverged.
Here, a look back at the current management and how the two biggest mass market players have evolved.
2014
Doug McMillon, president and chief executive officer of Walmart.
Courtesy
Doug McMillon becomes CEO of Walmart at 47. McMillon started his run at Walmart in 1984 as an hourly associate, picking orders and unloading trailers in a warehouse.
Word of encouragement from Rob Walton, chairman: “Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values.”
Walmart 2014 snapshot:
Revenues: $485.7 billion
Operating profits: $27.1 billion
Stores: 11,453
Same-store sales: +0.5 percent
Brian Cornell
Patrick MacLeod
Brian Cornell becomes chairman and CEO of Target at 55. Previously, he was CEO of PepsiCo Americas Foods.
Word of encouragement from Roxanne Austin, interim non-executive chair: “As we seek to aggressively move Target forward and establish the company as a top omnichannel retailer, we focused on identifying an extraordinary leader who could bring vision, focus and a wealth of experience to Target’s transformation.”
Target 2014 Snapshot
Revenues: $72.6 billion
Operating profits: $4.7 billion
Stores: 1,790
Same-store sales: +1.3 percent
2016
Walmart buys Jet.com in a $3.3 billion deal to accelerate its e-commerce transformation.
Target launches Cat & Jack apparel for kids, building a business that would hit $2 billion in sales just two years later.
2017
An interior view of Bonobos.
Robert Mitra
Walmart buys Bonobos for $310 million in an effort to build a portfolio of direct-to-consumer brands, including Moosejaw, ModCloth, Parcel and Shoes.com.
Target agrees to buy Shipt for $550 million in cash, giving it a platform to get into the same-day delivery game.
2018
Target opens its doors in Vermont, giving it a store in all 50 states.
2020
A store associate wears a face mask and gloves at the Order Pickup station at a Target store on campus at the University of California, San Diego.
Courtesy of Target
COVID-19 sends much of the world into lockdown, although both Target and Walmart are deemed “essential retailers” in the U.S. and are able to keep their doors open.
Target introduces All in Motion, an active brand that hits $1 billion in sales the following year.
Walmart discontinues the Jet.com business, having learned some digital tricks from the once high-flying e-commerce start-up.
2021
Walmart sells its majority stakes in Japanese chain Seiyu and the U.K. grocery store Asda.
2023
Walmart sells Bonobos for $75 million.
Target’s same-store sales turn negative with a 3.7 percent decline after seven years of growth.
2024
A decade’s worth of change.
Walmart 2024 snapshot:
Revenues: $681 billion (+40.2 percent from 2014)
Operating profits: $29.2 billion (+7.7 percent)
Stores: 10,771 (-6 percent)
Same-store sales: +4.8 percent
Target 2024 snapshot:
Revenues: $106.5 billion (+46.7 percent since 2014)
Operating profits: $5.7 billion (+21.3 percent)
Stores: 1,978 (+10.5 percent)
Same-store sales: +0.1 percent
2025
John Furner
Courtesy Photo
Walmart taps John Furner, head of its U.S. discount division, as its next CEO.
Furner’s outlook: “As we enter a new retail era fueled by innovation and AI, our purpose and our people will continue to guide us. Together, we’ll find new ways to serve customers, support our associates, and strengthen the communities we call home.”
Michael Fiddelke
Target picks company veteran Michael Fiddelke as its new CEO, with Cornell staying on as executive chairman, although some investors were hoping for a fresh set of eyes to turn operations around.
Fiddelke’s take: “After more than 20 years at Target, I know the power of our brand, the talent of our team, and the special place we hold in retail. My history with the company also deepens my sense of responsibility for where Target goes next, and I step into the role with an urgent commitment to drive growth and deliver better results.”
