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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2009-05-11 00:00:00",
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  "notes": "The slide uses a rhetorical question to frame the product mix as the root cause of profitability differences.",
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      "kind": "callout",
      "text": "Consumables: Typically lower margin goods Non-consumables (e.g., apparel, home furnishings): Typically higher margin goods",
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      "text": "sales mix: 63.0%",
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      "text": "Consumables: Typically lower margin goods\nNon-consumables (e.g., apparel, home furnishings): Typically higher margin goods",
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      "kind": "source-note",
      "text": "Source: Company filings. For Wal-Mart, consumables incorporate “grocery” and “health & wellness” categories. Includes Wal-Mart US only. For Target, consumables defined as consumables and commodities.",
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      "kind": "title",
      "text": "Why Wasn't Target More Profitable in the Boom Times?",
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      "kind": "title",
      "text": "% of 2008 Sales",
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      "evidence": "The document presents Pershing Square's nominees as a solution to the problems identified.",
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