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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2009-05-11 00:00:00",
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  "notes": "The slide uses a callout box to frame the 2006-2007 period as a diagnostic question for the board.",
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      "kind": "callout",
      "text": "2006 –2007: Why were Target's retail margins weaker even during the strong economy?",
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      "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",
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      "text": "Retail EBIT Margins",
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      "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",
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      "text": "Source: Company filings",
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      "text": "We Believe Target Needs A Retailer on its Board",
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