Navigating Business Challenges

When a retailer loses its narrative, it risks losing its customers. And Target is learning that the hard way. This week, it reported a 3.8% drop in same-store sales—more than double what Wall Street expected. But the real story? It’s not just inflation or tariffs. It's the cost of misreading culture, consumer trust, and leadership clarity. As someone who partners with executive teams across global consumer brands, I’m watching this moment closely—not just for what it says about Target, but what it signals for the future of leadership in FMCG and retail. Here’s what stands out: → The DEI backlash is real After rolling back diversity and inclusion commitments earlier this year, Target saw visible consumer blowback. Their once-loyal base didn’t stay quiet. And while many companies quietly stepped back from DEI language, the retail giant’s past boldness made their silence even louder. → Competitors are thriving While Target's sales dipped, Walmart grew U.S. sales by 4.5%. TJX saw a 3% increase. These aren’t niche players—they’re direct competitors proving that affordability and agility can still win. → Leadership turbulence is costly Two senior execs exited after just a year. When strategy shifts collide with inconsistent leadership, the talent pipeline fractures. And that inconsistency reverberates across teams, morale, and customer confidence. → Tariffs, costs, and uncertainty add pressure With 30% of Target’s in-house brands relying on China, geopolitical tension is more than a boardroom concern—it’s a shelf-space problem. Yet as Cornell said, raising prices is the last resort. How long can that hold? So what does this mean for executive hiring? - Leaders must be culturally fluent, not just cost-conscious. - They need to navigate both backlash and loyalty with empathy and clarity. - DEI can’t be a checkbox—it’s now a reputational asset or liability. And above all, companies need alignment between values, leadership, and customer expectations. This moment at Target is a case study in what happens when leadership, communication, and cultural intelligence aren’t in sync. For many retail and FMCG brands, it’s a timely reminder: - Your employer brand is your consumer brand. - Your DEI stance is your leadership signal. - And your ability to hold trust—not just prices—might define your next quarter. #RetailLeadership #FMCG #ExecutiveSearch #Target #ConsumerTrends #DEI #LeadershipHiring #CXStrategy #CulturalFluency

𝗪𝗵𝗮𝘁 𝗮𝗱𝘃𝗶𝗰𝗲 𝘄𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗴𝗶𝘃𝗲 𝗮 𝗳𝗿𝗶𝗲𝗻𝗱? So those that know me know I don’t say no very often. Ami Vora and I have been friends for nearly 15 years. Over that time, we have learned from each other and encouraged each other. We decided to do a newsletter swap focused on “The advice I would give you.” 𝗛𝗲𝗿𝗲 𝗶𝘀 𝘁𝗵𝗲 𝗮𝗱𝘃𝗶𝗰𝗲 𝗔𝗺𝗶 𝘀𝗵𝗮𝗿𝗲𝗱 𝘄𝗶𝘁𝗵 𝗺𝗲 𝗼𝗻 𝗺𝘆 𝗯𝗹𝗼𝗴: As leaders, we often feel compelled to say "yes" to every opportunity. However, I've learned that strategic "nos" are crucial for meaningful impact and sustainable growth. If you know Deb, you know that she can’t resist jumping into problems.  It was a running joke in our team for all the years we worked together that whenever we needed something done, we could just mention it to Deb and she’d volunteer.  Here are five powerful strategies I've developed for saying no effectively: 𝟭. 𝗜𝗻𝘀𝘁𝗲𝗮𝗱 𝗼𝗳 𝘀𝗮𝘆𝗶𝗻𝗴 “𝗻𝗼” 𝘁𝗼 𝘀𝗼𝗺𝗲𝘁𝗵𝗶𝗻𝗴, 𝘀𝗮𝘆 “𝘆𝗲𝘀” 𝘁𝗼 𝘄𝗵𝗮𝘁 𝗜 𝗰𝗮𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 – 𝗮𝗻𝗱 𝘀𝗵𝗮𝗿𝗲 𝘁𝗵𝗮𝘁 𝗰𝗼𝗻𝘁𝗲𝘅𝘁.  Instead of simply declining opportunities, frame your "no" around what you're actively pursuing. When approached for speaking engagements or advisory roles, I respond with clarity about my current focus: "I'm currently dedicated to [specific goals], so I'm declining other opportunities at this time." 𝟮. 𝗜𝗻𝘁𝗲𝗻𝘁𝗶𝗼𝗻𝗮𝗹𝗹𝘆 𝗺𝗮𝗸𝗲 𝘀𝗽𝗮𝗰𝗲 𝗳𝗼𝗿 𝗼𝘁𝗵𝗲𝗿𝘀 𝘁𝗼 𝗴𝗿𝗼𝘄.  Sometimes, stepping back is the best way to lead forward. I've learned that automatically taking on challenges can inadvertently block others' development. By intentionally creating space for team members to step up, we foster growth and build stronger organizations. 𝟯. 𝗖𝗲𝗹𝗲𝗯𝗿𝗮𝘁𝗲 𝘁𝗵𝗲 𝘁𝗵𝗶𝗻𝗴𝘀 𝗜 𝗮𝗺 𝗱𝗼𝗶𝗻𝗴.  Combat the "not doing enough" syndrome by maintaining a "pride list" - achievements that wouldn't have happened without your involvement. This practice helps validate your current commitments and makes it easier to decline additional responsibilities when your plate is full. 𝟰. 𝗨𝘀𝗲 𝘁𝗵𝗲 𝗼𝗹𝗱 𝘀𝗵𝗼𝗽𝗽𝗶𝗻𝗴 𝘁𝗿𝗶𝗰𝗸. Just as we're advised to wait before making major purchases, apply the same principle to commitments. Visualize yourself taking on the task and revisit after 24 hours. If the excitement remains- maybe worth pursuing. If not, you've saved yourself from something that doesn't align with your goals. 𝟱. 𝗚𝗮𝘁𝗵𝗲𝗿 𝗱𝗮𝘁𝗮 𝗯𝘆 𝘀𝗲𝗲𝗶𝗻𝗴 𝘄𝗵𝗮𝘁 𝗯𝗿𝗲𝗮𝗸𝘀 𝗶𝗳 𝗜 𝗱𝗼𝗻’𝘁 𝗱𝗼 𝗶𝘁.  When you are unsure about declining something, please take a look at what happens if you don't immediately step in. If no one else takes initiative and it truly matters, you can always step up later. 💡 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: 𝗦𝗮𝘆𝗶𝗻𝗴 "𝗻𝗼" 𝗶𝘀𝗻'𝘁 𝗮𝗯𝗼𝘂𝘁 𝗱𝗼𝗶𝗻𝗴 𝗹𝗲𝘀𝘀—it's about creating space for what truly matters. These strategies have helped me maintain focus, and create room for meaningful impact and personal growth. This is advice I should take.

When 75% of your gross revenues are being absorbed by your rent obligations, how long does it take for leadership to comprehend your business model is failing and you can't close enough locations to make it work? That seems to be the case with WeWork and their predicament toward coming out of bankruptcy. The newest twist for WeWork are the landlord's objections on the source or lack of new funding moving forward. In a wave of objections filed Thursday afternoon, attorneys for office giants including Boston Properties (BXP), Brookfield Properties and Starwood Capital Group asked a judge to reject WeWork's motion for debtor-in-possession financing. The attorneys argue that SoftBank Group Corp., as the proposed DIP lender, is leaving landlords too exposed in the event that WeWork's Chapter 11 restructuring falls apart. WeWork's DIP financing motion seeks a Section 506(c) waiver that would allow SoftBank to skirt paying maintenance expenses if the proposed restructuring falls apart and the company is forced to liquidate, another bone of contention with landlords. From these recent actions it is now becoming apparent and obvious that none of the stakeholders or bondholders want to provide fresh capital to fund any losses or operations moving forward. WeWork, meanwhile is trying to gain access to the Letters of Credit it posted with Landlords, which are a source of payment for Landlords in the event of tenant in distress. If you read between the lines, it seems the probability of a successful bankruptcy restructuring is declining and this further exposes the internal business model and overall approach to scaling their business. So many elements of the WeWork model never made financial sense and because WeWork handed landlords a gift by over-paying on rent, one must now wonder whether WeWork can sustain this charade into the New Year. The game of financial roulette and chicken is unfolding in front of the screen. The next hearing regarding the financing motion is scheduled for December 11th.

A new CEO. Weakening sales. Target doesn’t have an earnings problem. It has an identity problem. This morning, Target announced its first CEO transition in more than a decade. Brian Cornell — the outsider who reshaped the company after the Canada collapse and data breach — will step aside in February 2026. His successor? Michael Fiddelke, a 20-year Target veteran and ultimate insider. At the same time, Target reported: • Comps down 1.9% year over year • Traffic down 1.3%, with smaller basket sizes • And confirmation that the Ulta Beauty partnership will unwind by 2026 That’s not just a numbers story. That’s an identity story. And the consumer can feel it when they walk the aisles, as Neil Saunders has so well articulated and captured. Walmart owns price and grocery. Amazon owns convenience. Specialty retailers own focus and distinction. Target’s historic lane was “cheap chic” — design, style, and discovery at scale. But in recent years, that edge has dulled. The Ulta breakup underscores it. So do falling comps. Fiddelke says his priorities are unique assortments, consistent experiences, and operational efficiency. The real challenge is whether that’s enough to rebuild what made Target so powerful: a cultural lane customers couldn’t resist. Because in retail, once you lose the why, the numbers eventually follow. And this isn’t just about Target. It’s part of the Great Retail Reset we’ve tracked for years: in today’s market, the middle is the deadliest place to be. If you’re not true experiential on one end, or extreme value on the other, you’re walking the hardest road in retail. So the question is: can Target rediscover its lane—or is it already stuck in the middle? #RetailReset #Retail #CRE #Leadership #Target #RetailTrends #ConsumerBehavior

WeWork’s fall continues to dominate venture capital and startup conversations. Here is why. Founded in 2010, WeWork quickly grew into a provider of shared workspaces, reaching a peak valuation of $47 billion in 2019. However, as it prepared for an IPO, scrutiny revealed leadership issues, excessive spending, and accounting concerns, leading to founder Adam Neumann's departure & IPO delay. SoftBank acquired a majority stake, and WeWork went public through a SPAC merger but saw its market capitalization plummet to about $400m. WeWork now faces excess supply, lower demand, competition, and economic volatility, with over 18 million sq ft of office space in the U.S. & Canada. The company seeks funding to navigate these challenges.   As the "𝒑𝒐𝒔𝒕𝒎𝒐𝒓𝒕𝒆𝒎" continues, here are some takeaways and what startups can take note of: 1) 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: WeWork's exposure to risks, such as macroeconomic volatility and competition, underscores the importance of robust risk management strategies. Startups should identify and mitigate potential risks. 2) 𝐑𝐞𝐚𝐥𝐢𝐬𝐭𝐢𝐜 𝐕𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧𝐬: Startups should avoid overvaluations and focus on delivering real value to customers and investors. 3) 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐆𝐫𝐨𝐰𝐭𝐡: WeWork's rapid expansion were unsustainable. Startups should focus on steady, sustainable growth rather than pursuing unsustainable scaling. 4) 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩: The leadership of a startup is critical. Founders should prioritize transparency and ethical practices. 5) 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐃𝐢𝐬𝐜𝐢𝐩𝐥𝐢𝐧𝐞: The excessive spending, creative accounting, and conflicts of interest, contributed to its downfall. Startups must maintain financial discipline, prioritize cost control, and avoid overleveraging. 6) 𝐀𝐝𝐚𝐩𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: The failure to adapt to changing market conditions, such as the shift to remote work during the pandemic, highlights the importance of adaptability. Startups should be responsive to market changes. 7) 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐌𝐨𝐝𝐞𝐥 𝐕𝐚𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧: WeWork's business model was questioned for its sustainability. Startups should thoroughly validate their business models and assess potential risks. 8) 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐢𝐦𝐢𝐧𝐠: WeWork faced challenges with its IPO timing, coinciding with increased scrutiny. Startups should carefully consider the timing of fundraising and public offerings. Learning from WeWork's experiences can help startups navigate them challenges of scaling and building successful businesses. VCs should also be wary of startups that generate hype but struggle to build a lasting and profitable business. Distinguishing between short-term success and long-term sustainability when evaluating startups is crucial. The reflection following the fall of WeWork is quite telling: “𝑰𝒕 𝒘𝒂𝒔 𝒇𝒐𝒐𝒍𝒊𝒔𝒉 𝒐𝒇 𝒎𝒆 𝒕𝒐 𝒊𝒏𝒗𝒆𝒔𝒕 𝒊𝒏 𝑾𝒆𝑾𝒐𝒓𝒌. 𝑰 𝒘𝒂𝒔 𝒘𝒓𝒐𝒏𝒈.” — 𝐌𝐚𝐬𝐚𝐲𝐨𝐬𝐡𝐢 𝐒𝐨𝐧, 𝐒𝐨𝐟𝐭𝐛𝐚𝐧𝐤 𝐆𝐫𝐨𝐮𝐩 𝐅𝐨𝐮𝐧𝐝𝐞𝐫.

There are so, so, SO many ways to waste time at a startup. And most of them don't *feel* like we're wasting time. So many things seem important at any one point in time. That blog post, that follow-up email, that event, fixing the website, building that new feature. Everything competes for our attention, every moment. It's hard to know what's most important at any one time. Given that we can do theoretically anything, what's the ONE thing that matters? I have a weird way of thinking about this -- I view my business as, essentially, a factory. My business factory produces case studies - really, it replicates one case study again and again. Stick with me here. The "factory line" is a set of steps that turn potential customers into actual customers into "hell yes" customers. When I look at my business as a case study factory, suddenly the million things I *could* do fit into the factory - everything I could do impacts different parts of the line. As I look at the factory, I can see where the factory's bottleneck is: -> Maybe it's that I'm not talking to 5-10 customers per week -> Maybe it's that I'm not turning customer conversations into actual customers, or maybe it's that each sale requires a lot of heroics -> Or maybe it's something post-sale - customers are churning, or onboarding isn't getting people to value fast enough When I know what my bottleneck is, that tells me exactly where I should focus. Focusing on things other than the bottleneck don't make a big difference. This tells me what's going to make the most impact on the business. From here, I can sort out my priorities for the day or whatever. But starting from a massive task list and trying to make sense of what's going to the needle, that feels backwards. There are a lot of other benefits of viewing a business as a system for replicating case studies... but that's for another post!

I used to believe that being assertive meant being aggressive. The reality is that you can both assert yourself and be kind. 5 proven tips to be more assertive (without being aggressive): 1/ Express your needs and wants clearly Why: Being direct and honest about your needs helps others understand your perspective and enables them to respond appropriately. It demonstrates self-respect and confidence in your own opinions and feelings. How: "I appreciate your input on this project, but I strongly believe we should take a different approach. Focusing on user experience will lead to better conversion. Can we discuss how we can incorporate both of our ideas?" 2/ Use "I" statements to communicate your perspective Why: "I" statements help you take ownership of your thoughts and feelings without placing blame or making accusations. They create a non-confrontational atmosphere that encourages open dialogue and mutual understanding. How: "I appreciate the effort you've put into this presentation, but I have some concerns about the accuracy of the data. I suggest we review the sources together and make any necessary updates to strengthen our case." 3/ Practice active listening and seek to understand others Why: Active listening demonstrates that you value others' perspectives and are willing to engage in a two-way conversation. It helps build trust and rapport, making it easier to find mutually beneficial outcomes. How: "I hear your concerns about the proposed changes to our team structure. Can you tell me more about how these changes will impact your work? I want to ensure that we address any potential issues." 4/ Offer solutions Why: Offering solutions rather than simply stating problems demonstrates your willingness to work collaboratively and find mutually beneficial outcomes. How: "I understand that you want to launch the new feature as soon as possible, but I have concerns about the current timeline. What if we break the launch into two phases? We can release the core functionality in the first phase and then add the additional enhancements in the second phase. This way, we can meet the initial deadline while ensuring the quality of the final product." 5/ Learn to say "No" when necessary Why: Saying "no" to unreasonable requests or demands demonstrates self-respect and helps you maintain control over your time and resources. It also helps prevent burnout and enables you to focus on your priorities. How: "I appreciate you considering me for this new project, but unfortunately, I don't have the capacity to take on additional work at the moment. I'm committed to delivering high-quality results on my current projects, and taking on more would compromise this. Can we revisit this opportunity in a few weeks when my workload is more manageable?" What’s one thing that helped you become more assertive? PS: Assertiveness is a form of self-care that also nurtures healthy, respectful relationships with others. Image Credit: Jenny Nurick

Leading in uncertain times is a hot topic today in business as we face a compounding set of unknowns: tariffs, inflation, volatility in our financial markets, the ongoing climate crisis, supply chain disruptions, global conflicts, and the advent of AI to name just a few. Whether you are an operator, investor or board member, I wanted to share a few of my approaches to dealing with the reality we are facing, and I would love your thoughts in response: 1. First, for me, is to remain consistent and committed to our company values. At PSP Partners, we express ours as IDEALS--Integrity, Diversity, Excellence, Alignment, Leadership and Service. Your teams want to know that during uncertainty you will make hard decisions that are grounded in your core values. 2. Radical honesty is critical. Bringing your leadership team to a point of embracing the reality of the landscape that your organization is facing is an essential foundation to then figuring out the vulnerabilities. 3. Ensuring that your balance sheet is strong to weather the difficult periods as well as to have the opportunity to play offense is more essential than ever. 4. Regular scenario planning and pressure testing various outcomes is essential to manage and mitigate risk; it is all the more important right now. This is also known as “red teaming” and it’s a critical thing to do. 5. Being curious about your blind spots and institutional biases will help create an environment where you and your team can safely challenge assumptions. 6. Overcommunicating with your management team and to your company as a whole have never been more needed. Remember it takes about 7 times for a message to break through. Don’t be afraid to repeat it over and over. 7. Embracing the idea that challenges also create unique and unexpected opportunities is so important. During uncertainty the best companies create extraordinary opportunity and returns for the long term. 8. A strong, innovative and resilient culture is always foundational and especially essential to navigating the current challenges. The CEO and your leadership team have to set the example.  

Want to know what's dominating CEO conversations? Here is the most recent data for Q1 2025 by Philipp Wegner with IoT Analytics - Hot off the Press as of March 25th! 𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬: • 𝐓𝐚𝐫𝐢𝐟𝐟𝐬 𝐓𝐚𝐤𝐞 𝐂𝐞𝐧𝐭𝐞𝐫 𝐒𝐭𝐚𝐠𝐞: CEO mentions of tariffs surged by 190%, surpassing previous peaks as companies grapple with new global trade tensions and policies. CEOs are actively exploring strategies to mitigate or even leverage these tariff impacts. • 𝐔𝐧𝐜𝐞𝐫𝐭𝐚𝐢𝐧𝐭𝐲 𝐒𝐩𝐢𝐤𝐞𝐬: Mentions of uncertainty climbed 49% as geopolitical shifts and trade wars cloud strategic decisions, notably affecting the EMEA region and industrial sector most significantly. • 𝐀𝐈 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐬 𝐑𝐢𝐬𝐢𝐧𝐠 – 𝐄𝐬𝐩𝐞𝐜𝐢𝐚𝐥𝐥𝐲 𝐀𝐠𝐞𝐧𝐭𝐢𝐜 𝐀𝐈: AI remains a priority, with an impressive 275% spike in discussions about Agentic AI—highlighting a strategic shift towards autonomous decision-making technologies designed to boost efficiency and innovation. • 𝐑𝐞𝐜𝐫𝐮𝐢𝐭𝐢𝐧𝐠 𝐇𝐢𝐭𝐬 𝐚 𝐅𝐫𝐞𝐞𝐳𝐞: Amid economic turbulence, CEOs scaled back conversations on hiring by 8% while hiring freeze mentions soared by 286%, signaling cautious approaches towards workforce expansion. 𝐌𝐲 𝐓𝐚𝐤𝐞: CEOs today face complex, interconnected challenges. They’re shifting from optimistic hiring and growth toward defensive positions amidst economic uncertainty and tariff complexities. At the same time, investments in innovative AI, particularly agentic AI, are viewed as strategic ways to navigate these turbulent waters. 𝟑 𝐏𝐢𝐞𝐜𝐞𝐬 𝐨𝐟 𝐀𝐝𝐯𝐢𝐜𝐞: 𝟏. 𝐑𝐞𝐚𝐬𝐬𝐞𝐬𝐬 𝐒𝐮𝐩𝐩𝐥𝐲 𝐂𝐡𝐚𝐢𝐧 𝐑𝐢𝐬𝐤𝐬: Evaluate your exposure to tariffs immediately. Move swiftly to adjust sourcing and production to maintain competitiveness. 𝟐. 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐢𝐬 𝐂𝐫𝐮𝐜𝐢𝐚𝐥: Strengthen your organization's ability to rapidly respond to geopolitical shifts. Having robust contingency plans can provide stability in uncertain times. 𝟑. 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐞 𝐀𝐈 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭: Quickly identify and prioritize strategic AI investments—especially autonomous, agentic AI solutions—to drive productivity, agility, and market advantage despite hiring freezes. 𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭: https://lnkd.in/eWWMt47K ******************************************* • Visit www.jeffwinterinsights.com for access to all my content and to stay current on Industry 4.0 and other cool tech trends • Ring the 🔔 for notifications!

Most transformation failures I’ve seen had nothing to do with strategy. The real issue? No one planned for what it would feel like to go through it. People don’t resist change because they’re stubborn. They resist because the future is unclear, the metrics shift every quarter, and they’re still being measured by yesterday’s rules. What I wish every CEO knew: You can’t just redesign the org. You have to redesign how people make decisions in uncertainty. How they lead when the answers aren’t obvious. How they stay grounded when things move faster than comfort allows. Transformation isn’t a launch event. It’s a long season of unlearning, learning, and reimagining. And if you're not actively creating safety for that? Even your best strategy will stall.