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Target is spiraling as Gen Z and affluent customers fall in love with Walmart

Target Walmart Millennials Fortune TikTok

woman looking at shelves in a store (Credit: Getty Images—Tom Werner)

Walmart has overtaken Target as Gen Z and millennials’ go-to retailer for affordable but aspirational products.

Target, which has long been regarded as the fancier version of its counterpart, had a lackluster quarter. It was so poor that as a result of missing Wall Street profit forecasts, Target’s stock sank a whopping 22% this week.

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