Investors Misunderstand Target’s Food Strategy: CEO

As Target Corp. begins testing expanded food assortments at its general merchandise stores, a proxy fight has raised the issue of how much larger that assortment should be.

MINNEAPOLIS — As Target Corp. here begins testing expanded food assortments at its general merchandise stores, a proxy fight has raised the issue of how much larger that assortment should be.

The proxy fight — in which Pershing Square Capital Management, a New York-based hedge-fund sponsor, is putting up four candidates to challenge the four Target directors whose terms expire this year — is expected to reach a climax next Thursday at Target's annual meeting.

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