Name: Target 輸給沃爾瑪和好市多？原因大揭密！ (Why Target Is Losing Against Competitors Walmart And Costco)
Uploaded: 2025-11-28T14:23:07.000Z
Duration: 11 min 16 s

Target, one of America's biggest and most beloved retailers.

Target，是美國最大、最受喜愛的零售商之一。

Known for its large and airy stores, a wide selection of products at affordable prices and some of the most exciting partnerships in retail.

以寬敞明亮的店面、價格實惠的多元商品，以及零售業中最令人興奮的合作夥伴聞名。

Its loyalty program boasts 100 million members.

它的會員忠誠計畫擁有 1 億名會員。

The retailer sold a total of $106.6 billion of goods in 2024.

該零售商在 2024 年總共銷售了 1066 億美元的商品。

That's really something that Target has built.

這真的是 Target 建立起來的成就。

This idea of a joyful, fun shopping experience that's colorful and will introduce you to items you didn't even know that you wanted or needed Yet.

這種充滿樂趣、色彩繽紛的購物體驗，能讓你發現連自己都不知道想要或需要的商品。

As of late, the discount department store has lost market share.

近來，這家折扣百貨公司失去了市場佔有率。

And while its customers are spending about the same per quarter, Walmart and Costco's customers are spending even more.

雖然其顧客每季消費差不多，但 Walmart 和 Costco 的顧客消費更多。

Between April 2024 and April 2025, Target lost nearly half of its share price.

在 2024 年 4 月至 2025 年 4 月之間，Target 損失了近一半的股價。

It's hard to get on top as a favorite retailer, but

要成為最受歡迎的零售商很難，但

it's even harder to stay on top, especially in a digital age where people customers attention spans are shorter.

要在數位時代保持領先地位更是難上加難，因為人們的注意力廣度越來越短。

Target was once the poster child for retail.

It's not a company that's completely lost its way, but it is a company that's lost its mojo.

這不是一家完全迷失方向的公司，但它確實失去了活力。

experts say a lot of Target's issues are self inflicted, like understaffing and excess inventory and what some have called an identity crisis.

專家說，Target 的許多問題都是自我造成的，像是人手不足、庫存過剩，以及一些人所謂的身份危機。

In general, I think there's confusion about who Target is and what it stands for.

總的來說，我認為大家對於 Target 是什麼、代表什麼感到困惑。

At this point, the company needs to get back to some of that original feeling that it gave shoppers and but that can be a hard thing to do.

此刻，這家公司需要找回它最初帶給購物者的那種感覺，但這件事可能很難做到。

所以，Target 是不是失去了它的 Target 魅力？

如果失去了，又要如何找回來？

Target, like most retailers, is caught in the Trump administration's turmoil around tariffs.

Target 和大多數零售商一樣，被捲入了川普政府圍繞關稅的動盪之中。

While on a 90 day pause, the volatility is damaging consumer confidence.

在暫停的九十天期間，這種波動正在損害消費者的信心。

Roughly half of Target's merchandise is sourced internationally.

大約一半的 Target 商品是國際採購的。

As of April 30, the Trump administration has imposed 10% universal tariffs on most countries except China, which is set at 145%.

截至四月三十日，川普政府對大多數國家實施了百分之十的普設關稅，中國則為百分之一百四十五。

Over the last few years, we've gone from over 60% of our imports coming from China to 30 and we're on a path to get it down to 25.

過去幾年，我們從中國進口的比例從超過百分之六十降到百分之三十，而且我們正朝著降到百分之二十五的目標邁進。

So we've diversified our supply chain to give us more optionality and I think that'll serve us well as we go forward.

所以我們已經讓供應鏈多元化，以提供更多選擇，我認為這對我們未來的發展很有幫助。

We're going to try to make sure we can do everything we can to protect pricing.

我們會盡一切努力來保護價格。

But if there's a 25% tariff, those prices will go up.

但如果有關稅百分之二十五，這些價格就會上漲。

The news about tariffs comes after the retailer reported yet another year of flat revenue for foot Traffic declined for 11 straight weeks between January 27 and April 13, 2025.

關於關稅的消息傳出之際，這家零售商報告了又一年營收持平，一月二十七日至二零二五年四月十三日期間，來客數連續下滑十一週。

That period coincided with a 40 day boycott over the company's decision to roll back some of its diversity, equity and inclusion initiatives.

這段期間恰逢公司決定縮減部分多元、公平與包容倡議後，長達四十天的抵制。

一場更大規模的抵制正在醞釀中。

Competitor Costco, which stuck with its DEI goals, saw sales grow nearly 9% in March 2025 from the same month a year prior to.

競爭對手 Costco 堅持其 DEI 目標，三月銷售額較去年同期成長近 9%。

Customers really don't like that confused positioning and it's kind of trying to take a middle of the road position.

消費者非常不喜歡這種模糊的定位，試圖採取中間路線。

The problem with being in the middle of the road is you end up getting knocked down from both sides.

中間路線的問題在於，你可能會從兩邊都被擊倒。

While shoppers aren't turning away from Target completely, Walmart and Costco's customers are spending more than they did three years ago.

雖然購物者並未完全遠離 Target，但 Walmart 和 Costco 的顧客消費金額比三年前更多。

Target sells more discretionary products than competitors.

Target 出售的非必需品比競爭對手多。

It helps that Walmart is the nation's largest grocer by revenue.

Walmart 是全國最大的雜貨零售商，這對它很有幫助。

About 60% of its total sales are non discretionary.

其總銷售額中約有 60% 是非必需品。

對於 Target 來說，這個數字約為 50%。

When you're a destination for groceries, which is like a weekly, sometimes multi week, multi day in a week visit, you have more opportunity to get the customer to buy something else while they're in the store.

當你成為雜貨購物的目的地時，這就像每週、有時是每幾週、每週多次的拜訪，你有更多機會讓顧客在店裡購買其他東西。

Target has been seen as being, you know, not quite so good value for money over recent years.

近年來，Target 一直被認為價值不如以往。

And people have said, look, let's give Walmart a try, especially for grocery and some essential stuff.

而且大家都會說，好了，我們來試試沃爾瑪吧，尤其是買雜貨和一些必需品。

And again, once they've tried it, they're not going back.

而且，一旦他們試過了，就不會再回頭了。

Meanwhile, Walmart has been taking a few pages out of Target's playbook, updating its apparel, refining private label brands and adding premium products.

同時，沃爾瑪也從 Target 那裡學到了一些經驗，更新了服飾，精緻化自有品牌，並增加了高級商品。

It has also attracted a wealthier consumer.

Several experts say Target has also struggled to adapt to its new channels like e commerce and curbside pickup.

幾位專家表示，Target 在適應電子商務和路邊取貨等新通路方面也遇到了困難。

Target has almost become a victim of its own success because it's grown a lot, especially online.

Target 幾乎成了自己成功的受害者，因為它成長了很多，尤其是在線上。

A lot of the basics in many stores are being neglected.

許多店裡的基礎商品都被忽略了。

There are empty shelves because products not being bought out from the stock room.

有些貨架是空的，因為商品沒有從倉庫被買走。

There are longer lines at the registers because Target doesn't have enough staff to open those registers.

結帳櫃檯的排隊時間變長了，因為 Target 沒有足夠的員工來開這些櫃檯。

And this has really deteriorated the store experience.

這真的讓店內的購物體驗變差了。

Target's problems are much bigger and more complicated.

It's dealing with inflation as people are buying less wants and more needs.

它得面對通貨膨脹，因為大家買「需要」的商品多過「想要」的。

It's dealing with a complex environment where people are going to competitors like Walmart who are investing heavily in their brand.

它也得面對一個複雜的環境，大家會去沃爾瑪（Walmart）這類大力投資品牌的競爭對手那裡。

And so it's hard to know exactly how much is coming from DEI and the backlash related to it.

所以很難確切知道有多少是來自 DEI 和相關的強烈反彈。

But more than likely it's a mix of all of the above.

Target's financials soared during the pandemic.

Target 在疫情期間的財務表現飆升。

The retailer remained open and its core customer a middle to High income shopper was on a spending spree.

這家零售商持續營業，而它的核心客群，也就是中高收入的購物者，正在瘋狂消費。

With a generous stimulus check, Target stock shot up to an all time high in November 2021.

靠著豐厚的紓困支票，Target 的股價在 2021 年 11 月衝上歷史新高。

Folks, we've got some news just out from Target.

各位，我們剛收到一些關於 Target 的最新消息。

It's releasing its holiday sales numbers.

它要公佈今年的假期銷售數字了。

These are the sales for November and December for the big box retailer and they are pretty unbelievable numbers.

這是這家大型零售商十一月和十二月的銷售數據，數字真的令人難以置信。

Their comp sales are up 17.2% for those two months.

這兩個月，他們的可比銷售額成長了 17.2%。

You can imagine that giant Gain put a lot of pressure on the company to keep that growth going.

你可以想像，巨大的成長壓力讓公司必須持續維持這種成長。

And it became a lot more difficult as its core customer had a lot more expenses to juggle.

而且隨著核心客群要應付更多開銷，這變得越來越困難。

The juggling started as inflation shot up to record highs.

這種應付的壓力始於通膨飆升到創紀錄的高點。

Retailers got stuck with too much of the wrong inventory.

Discounting became Target's only solution, causing its gross margin and profitability to drop significantly.

折扣成了 Target 唯一的解決辦法，導致其毛利率和獲利能力大幅下降。

Target has offered a collection celebrating Pride Month for a decade.

Target 已經連續十年推出慶祝同志驕傲月的系列商品了。

But during its second quarter 2023 call, CEO Brian Cornell said that backlash by conservative customers had hurt sales.

但在 2023 年第二季財報電話會議上，執行長 Brian Cornell 表示，保守派顧客的反彈影響了銷售。

The company removed some of the collection from stores and slimmed down its offerings online by 2024.

公司在 2024 年前將部分系列商品從實體店移除，並縮減了線上商品的種類。

But Target's issues haven't stopped at politics.

但 Target 的問題不只在政治層面。

After reporting its biggest earnings miss in two years, in its third quarter 2024, Target's share price plunged 21%.

在公佈兩年來最嚴重的財報失準後，Target 在 2024 年第三季的股價暴跌 21%。

Walmart had beaten earnings the day before.

Walmart 在前一天公佈的財報表現優於預期。

During the call, Cornell laid some of the blame on increased costs associated with the October port strikes that stretched from New England to Texas.

在電話會議中，Cornell 將部分原因歸咎於 10 月份從新英格蘭到德州蔓延的港口罷工所造成的成本增加。

But the strikes only lasted a few days, and

data revealed that the company misjudged a softening in consumer spending and over ordered Target has struggled to have the right things at the right times.

數據顯示，該公司誤判了消費者支出疲軟的趨勢，並且過度訂購，導致 Target 無法在對的時間擁有對的商品。

For example, with inflation, it's seen a pivot to necessities like paper towels and food food.

例如，在通膨的影響下，人們轉向購買衛生紙和食物等必需品。

And it had too many discretionary items like home goods that people weren't buying at the same levels.

而它卻有太多非必需品，像是居家用品，人們的購買量已不如以往。

And then again, it faced this inventory challenge.

然後，它又面臨了庫存的挑戰。

When the port strike was threatened, the company faced a lot of additional costs because it rushed to have inventory there.

當港口罷工威脅時，公司面臨了許多額外的成本，因為它急於將庫存運到那裡。

Target has partnered with famous designers for over 25 years.

Target 與知名設計師合作已超過 25 年。

Italian fashion house Missoni or furniture and home goods designer Magnolia are just some examples.

義大利時尚品牌 Missoni 或家居用品設計師 Magnolia 只是其中一些例子。

但 Target 已不再是唯一的選擇。

It also hasn't reacted as quickly to trends and newness, which has proven easier for e commerce retailers Amazon and TikTok Shop.

它也未能像電子商務零售商 Amazon 和 TikTok Shop 那樣快速地應對趨勢和新品。

We want to make sure we delight them with great new items, but

我們要確保用很棒的新商品讓他們開心，但

also the value they're looking for, that affordability every time they shop.

同時也要確保他們每次購物時都能找到所需的價值和實惠的價格。

So we'll continue to make sure we lean in and do everything we can to control prices, provide that value, and

所以我們將繼續確保我們全力以赴，盡一切努力控制價格，提供那樣的價值，並且

continue to delight them with newness along the way.

持續在過程中用新商品讓他們開心。

Retail theft and shrink continue to be an issue for Target.

零售盜竊和損耗仍然是 Target 的一個問題。

In the first half of 2023, the company said it lost nearly half a billion dollars more than in the year prior, causing it to lock up some of its products.

公司表示，在 2023 年上半年，其損失比前一年增加了近十億美元，導致他們鎖定了部分商品。

They'll say, okay, I'll try Amazon for that, get it delivered to my door.

他們會說，好吧，我會在 Amazon 上試試看，然後送到家門口。

The problem is, once they've tried it once, they tend not to go back.

問題是，一旦他們試過一次，他們就不太會回頭了。

Some investors and analysts have blamed Target leadership on some of its operational challenges.

一些投資人和分析師將 Target 的一些營運挑戰歸咎於其領導層。

CEO Brian Cornell is slated to retire at the end of 2025.

執行長 Brian Cornell 預計將於 2025 年底退休。

However, no succession plan has been announced.

There seems to be a sort of timidity in the boardroom around coming out with definitive statements, definitive views, even definitive strategies for Target.

董事會似乎在提出明確聲明、明確觀點，甚至 Target 的明確策略方面顯得有些膽怯。

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Target 輸給沃爾瑪和好市多？原因大揭密！ (Why Target Is Losing Against Competitors Walmart And Costco)

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