{
  "docId": "019dd923-622c-750b-8b9b-3e71de80700d",
  "docSlug": "312cc29b1436",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-05-11 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 27,
  "pageCount": 80,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a callout box to question Target's performance during the 2006-2007 period.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-3e71de80700d/27",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-3e71de80700d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3e71de80700d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3e71de80700d#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.185
      },
      "kind": "callout",
      "text": "Even before the recession, Target's retail margins have been deteriorating while Wal-Mart's margins have remained higher and constant, despite Wal-Mart selling a greater mix of food and other lower margin goods",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15a9ebfa-9130-4178-ba34-4faca194e8db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Even before the recession, Target’s retail margins have been deteriorating while Wal-Mart’s margins have remained higher and constant, despite Wal-Mart selling a greater mix of food and other lower margin goods",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b075-cdf03aef428b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.7,
        "x": 0.15,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Retail EBIT Margins",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb1df98f-f58e-47c1-b753-02c41d2b2010",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Retail EBIT margin: 7.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b075-d150a85248ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.28,
        "x": 0.32,
        "y": 0.635
      },
      "kind": "other",
      "text": "2006 –2007: Why were Target's retail margins weaker even during the strong economy?",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71cae0d9-31d9-4ecb-9231-963fbbbcd160",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "496a68b9-4f3c-4944-86ac-4dd96c629ba9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Target Retail Profitability Should Be Higher",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71087e07-64a0-497f-8e86-ac797344459d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "37009bae-6621-438a-aaa3-41ce45300f34",
      "evidence": "The slide explicitly contrasts Target's declining margins against Wal-Mart's stability to challenge management performance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 31,
      "from": 12,
      "beatId": "87bf877b-4541-414a-9f31-4356a36b3b94",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problems, highlighting the consequences of the board's actions and inactions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 28,
      "from": 24,
      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
      "bestFor": "Competitive analysis, benchmarking, case for change",
      "matchId": "cc264a6a-1272-4beb-938c-2516d327bab9",
      "evidence": "The document presents a comparison between Target and Wal-Mart, highlighting the differences in their performance.",
      "position": 0,
      "objective": "Compare Target's performance to Wal-Mart's, highlighting the difference between the two companies.",
      "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication",
      "confidence": 0.7,
      "description": "Show the gap between two states to drive urgency or highlight opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}