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- Target, bracing for leaner sales, wants to cut $2 billion to $3 billion of operating costs.
- One area the company says it won't touch: its investment in "the best team in retail."
- Even as tech firms lay off thousands of workers, major retailers are still hoarding labor.
As retail sales return to Earth after their pandemic-era flight, many companies are under increasing investor pressure to find creative ways to deliver a profit.
Target has tasked Mike O'Neil, a senior vice president of financial planning and analysis, to lead its wide-ranging hunt to cut $2 billion to $3 billion out of the company's operating costs over the next several years.
One area that's off-limits, O'Neil said Tuesday, is Target's investments in "the best team in retail."