Target and Best Buy Struggle to Retain Market Share During Holiday Season

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Target and Best Buy find themselves in an unusual spot this holiday season: fighting to retain market share during a season they usually dominate. The last months of the year are especially critical to Target, which has lost customers to Walmart and other stores this year. Both of the Minnesota-based national retailers already tamped down any expectations that they will have a blockbuster holiday season — a period that produces an outsize percentage of their profits. The resilience of their modern retail business model, which helped them surge during the pandemic, will be tested this year.