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Target Opens "Target SoHo" - A Design-Forward Shoppable Concept Store In SoHo, New York
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As Target alters its dress code, it also wants staff to buy more of its clothes

The retailer’s apparel and accessories sales hit their lowest point since the pandemic last year.

Target seems pretty preoccupied with what its staff members are wearing at the moment.

Last Friday, Bloomberg reported that the retailer is planning to tighten its dress code this summer, outlining that workers can wear only plain red shirts alongside blue denim or khakis — where graphic or patterned red tees with jeans of other colors had previously been allowed.

Cut to this week, and Axios reports that Target will now add an extra 20% onto employees’ current 10% discount across its own-label apparel brands.

The first of those moves serves Target’s aim to make the customer experience more “consistent” and “recognizable” across stores, per a spokesperson. The second, meanwhile, reflects the company’s efforts to boost sales more broadly, after total revenues in Q4 fell for the fifth quarter in a row and traffic slumped for a fourth straight quarter as well.

Targcore

Even though the boosted discount is aimed only at Target employees — “only” is used quite loosely here, given that that’s still more than 400,000 people globally — focusing on its clothing brands seems as sensible an approach as anything else, after apparel and accessories revenues fell to their lowest point since the pandemic last year.

Target apparel sales chart
Sherwood News

For its full 2025 fiscal year, Target sales across the division slipped 5% from 2024 and are down roughly $2.2 billion from the apparel and accessories 2021 peak — when the company’s Lululemon-ish athleisure line, All in Motion, became its 10th private-label brand to pass $1 billion in annual sales.

Though the retailer also seems to be doubling down on its big-brand fashion offerings, having announced an expansion of its long-standing partnership with Levi’s just last month, it clearly wants to convince customers that Target garments could warrant a place in their wardrobes again... starting with its own employees.

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Used car prices dip in April but remain at 2023 levels as gas prices surge

Used car prices ticked down in April, the first drop in 2026, according to fresh data from Cox Automotive.

Cox’s Manheim Used Vehicle Value Index, which tracks wholesale prices, dipped 1.6% in April from March, but remains around highs not seen since 2023 as shoppers react to surging gas prices.

“Affordability remains front and center, and that’s driving some increased demand for older vehicles... as well as changing the calculus for consumers shopping for EVs,” said Cox’s chief economist, Jeremy Robb.

As reported in March, used car retailers including CarMax have told Sherwood News that gas prices are driving more shoppers to look toward EVs. Cox’s EV index is up 7.2% from April 2025, compared to a 1.1% hike for its non-EV index.

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Xbox CEO overhauls leadership team with Microsoft AI execs amid sales declines

Microsoft is continuing to shake up Xbox, with gaming chief Asha Sharma (who took over the division suddenly in February) announcing an executive overhaul.

According to an internal memo seen by CNBC, Sharma is bringing four leaders from her former CoreAI group into the Xbox fold, as they have “consumer and technical expertise [Xbox does] not yet have.”

“Right now, it is too hard to ship impact quickly. We spend too much time inward instead of with the community, and we lack the depth we need in some of the fundamentals,” Sharma said in the memo.

Aside from the CoreAI team, David Schloss, a former Instacart growth exec, will take over the subscription and cloud business.

Following Microsoft’s earnings report last week, in which Xbox console sales fell 33% from last year, Sharma said the division had work to do. The company forecast more sales declines for Game Pass and consoles in the current quarter.

“Right now, it is too hard to ship impact quickly. We spend too much time inward instead of with the community, and we lack the depth we need in some of the fundamentals,” Sharma said in the memo.

Aside from the CoreAI team, David Schloss, a former Instacart growth exec, will take over the subscription and cloud business.

Following Microsoft’s earnings report last week, in which Xbox console sales fell 33% from last year, Sharma said the division had work to do. The company forecast more sales declines for Game Pass and consoles in the current quarter.

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