Target’s chief innovation officer is leaving

(BI Intelligence)

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Casey Carl, Target’s chief innovation officer, will leave the company in May, according to Fortune. This marks the latest in a string of senior executives to leave Target – the company has lost its chief marketing officer and chief digital officer, as well as its head of grocery, in recent months.

The move also comes after Target said it would offer $7 billion to modernize its stores and e-commerce operations over the next three years. Target is looking to quickly boost online sales as comparable store sales have declined for three straight quarters. Last year, online sales reached $3.1 billion, but they still account for less than 5% of the company’s revenue.

Target’s CEO said the company will look for a successor to help it continue its innovation initiatives, but those efforts could be jeopardized by tightening budgets. The company plans to open a new high-tech store in San Francisco and has an ongoing partnership with startup incubator Techstars to mentor retail tech startups. Such efforts could help inform the company’s strategy to transform the in-store and online experience. But as Target increases its investment in innovation, it is also lowering prices to compete with Walmart, which may limit the company’s budget for new designs. Moreover, its innovation efforts could be hampered if it continues to lose top officials at its current rate.

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