Morning Brew Daily - Target Names Former Intern as CEO & Labubu Fever Shrinks…Literally?

Episode Date: August 21, 2025

Episode 653: Neal and Ann chat about Target’s latest earnings and its hopes of bringing in a new CEO will turn the company around. Also, ESPN's standalone streaming app launches today. Then, the Labubu craze gets smaller…literally, as Pop Mart teases a mini version that sends its stock soaring. Meanwhile, Neal dives into the numbers behind Marvel’s exodus of Georgia, office occupancy comeback in NYC, and recreational reading.  00:00 - Ann Berry is back! 2:40 - Target names a new CEO 7:40 - ESPN’s streaming app is here 11:30 - Mini Labubus cause a frenzy 17:00 - Marvel’s leaves Georgia 19:20 - NYC offices are back 21:00 - Reading is down 23:00 - Sprint Finish! LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Check out LinkedIn.com/mbd for more. Submit your MBD Password Answer here: https://docs.google.com/forms/d/1Yzrl1BJY2FAFwXBYtb0CEp8XQB2Y6mLdHkbq9Kb2Sz8/viewform?edit_requested=true  Check out Brew Markets here: https://swap.fm/l/9Qk4z73Z2nEwFiCB4qee    Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

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Good morning, Brew, Daily Show. I'm Neil Fryman. And I'm Anne Barry. Today, Target thinks it's found its comeback kid, hiring a former intern as its new CEO. And ESPN goes direct to consumer. What does it mean in the War of the Streamers? It's Thursday, August 21st, Let's Ride. And it is so great to have you as my co-pilot today.

And thank you for carving out the time. You are a busy, busy person. This week, your new podcast Brew Markets launched, giving people headlines and analysis from the day in the stock market. For everyone who just thought to themselves, yeah, that sounds like something I'd be interested in. Brew Markets is released every afternoon around 4.20 p.m. Eastern Time, including a fresh episode later today. And I'm about to ask you the question, everyone dreads during Icebreaker. But I know you'll have a good answer to this. What is a fun fact about yourself?

Okay, so I've had many lives, right? And this is the premise of the podcast. I've been an investor. I've been a CEO. But if you asked me when I was growing up, what did I want to be? I wanted to be Indiana Jones. I wanted to be an archaeologist. And what happened?

I did not do that. How did you end up behind this, Mike? Well, many lives. But, you know, one thing, I actually did go to Petrie. You know, there's that famous scene where he horse rides. I think it was a temple of doom. I ended up going there, and I had this moment. I'm like, wow, that's what it feels like.

This is it. I've done it. We all live vicariously through Hollywood. Well, thanks again for joining us, Anne. I'm pumped for the show. And now a word from our sponsor, LinkedIn ads. And would you say ads are better here or in the UK? Well, you all have fewer ads for gravy, so I'm going to have to say in the UK.

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Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads. Target named a new CEO to lead its turnaround and in a move that's going to set LinkedIn on fire, it was a former intern. Michael Fidelke, who interned at Target in 2003 before working his way up the food chain, was announced as the company's CEO, replacing Brian Cornell, who served 11 years in the role. It's a big bet that a company insider, not an outsider, will have the secret sauce to bring Target back to relevance and financial health. Because right now, Target is throwing up bricks. In its earnings report yesterday, it said that same store sales,

declined 1.9% last quarter, which was better than expectations, but also not growing. And that's been a theme for Target, not growing. For the past 11 quarters, almost three years, target sales have been flat or falling. There's a lot of stuff going wrong over in Minneapolis, from disorganized stores to culture war boycotts to unexciting merchandise, and rivals Amazon and Walmart have taken advantage. So Ken Fidelke turn this ship around, investors don't seem to think so, sending the stock down 6% following the announcement. It's clear they wanted an outsider to look at things with fresh eyes, not a company man who's been there for 20 plus years. Still, Fidelke described his experience as an asset,

having seen Target at its worst, but also at its best. And what do you think of the hire? Okay. Well, first of all, there's the issue that he's not a hire and it's a promotion, right? That's an issue number one. Issue number two, his boss isn't going anywhere. Right? So Brian Cornell, who's the outgoing CEO, is becoming executive chair of the board. So, I just want to double down on this. And I talked about this on the Brew Market Show. When you're a CEO, you report to your board. So can you imagine this conversation?

You're Fidelke. You're going to your board meeting. You're fresh in your seat. And you're giving your assessment of what went wrong while your old boss is sitting there listening to you and you still report to him. I think it's super awkward. I don't think this is going to make any change at all. So you're wondering why Target didn't completely kick Brian Cornell to the curb and they

have him in this maybe Bob Eiger role or. the Starbucks guy, whatever his name is, looking down from above and sort of managing the strings and not allowing Fidelke to implement the changes that he wants. And even more so than that, Fidelke also has been at Target for 20 plus years. I mean, if you look at his LinkedIn, it is kind of wild. You don't see anything like this anymore. It says finance intern from 2003 to 2003 and then just works his way up at the same exact company till now where he becomes the CEO.

In one sense, it's a great growth story. but maybe investors are thinking this is not the type of person that Target needs right now because its sales are falling. It hasn't grown in three years. Yeah, and let's talk about that, right? Because you're exactly right. Fidelke's been there for what feels like forever. And he's had big jobs. So if we think about prior to today, he's the chief operating officer. He has been for over a year. He's in the C-suite. He's an adult. He's part of the decision-making process. Before that, he was the chief financial officer for nearly five years.

Right. Now, in the last five years, he's in the last five years, he's in the last five years, he's last five years target share price has dropped over 30%. Your CFO is part of the problem, right? So the very guy who is part of the issues we're trying to solve has actually been rewarded for all this. He's promoted to the big job. I found this baffling, if I'm really honest. So Fidelke has heard your criticism.

He watched the stock price just like all of us yesterday fall down 6%. He said that his experience is an asset. He wants Target to get his swagger back. He's got three big priorities that he wants to tackle at Target in order to return to sales growth. He said he wants to, number one, reestablish target's reputation as a retailer with, you know, like chic merchandise. That is what it was known for. And then now that has fallen flat. People are just not finding the cool stuff that they want there. The pillar number two for the turnaround, provided more consistent customer experience. I think that has to do with sort of the

disorganization at stores. And then finally, the third pillar is using technology to more effectively run the business. So technology, improving the store experience. And, and getting some cooler merchandise in there. Do you think that's a recipe for success? Well, all three of those are really expensive ways to start revving up that growth engine again. And I think let's talk about better merchandise, right? He's going to have to hire a new team. That special source, that ability to pick stuff, products that you're going to get really excited about.

That's not his superpower. He's being the CFO. So let's see if he actually brings in some fresh blood to rejuvenate that merchandising team. That's the first thing I'd be looking out for. When it comes to making it a more tech-savvy business, It hasn't done it so far. And I think what Target's done is just try and throw money at it to see what sticks. So let's see if he goes higher, goes to hire a really compelling new chief technology officer.

Let's see him get that talent in. And then when it comes to the store experience, lots of retailers have struggled with this. And they've done everything from trying to hire, you know, Apple talent. You go to Apple stores, right? Great design. So again, I think a little bit of creativity. If he turns around three months from now and he doesn't have a plan, if he gets into the seat in February and he does not pretty quickly afterwards say, I've got a fresh slate of talent.

I think Target Share Price is in for a rougher ride. All right, we have to move on. Speaking of New Era's beginning, the standalone ESPN app launches today and a milestone for both its parent company Disney and the media industry writ large. For the first time in history, all of ESPN content from live sports to studio shows will be available to customers without a cable or satellite TV subscription. The app, simply called ESPN, will cost $29 a month. Now, here's why it's such a big deal.

For decades, ESPN was Disney's profit machine running what the athletic called the greatest business model in media history. During cable's peak in 2011, ESPN had more than 100 million subscribers because it was included in the lowest basic cable tier. Even if you weren't a sports fan, if you had cable, you paid Disney for ESPN. And this thing was an absolute money printer. Even now, with cable in serious decline, ESPN brings in about $1 billion in revenue each month from TV subscriptions, and that's not including any advertising sales. But like I said, cable

is going the way of the dodo. So Disney execs are taking the nuclear option and going direct to consumer and a huge bet on streaming. That's been eight years in the making. And ESPN going D2C is perhaps the clearest sign yet. We're at an inflection point in the TV business. Yeah. And this is so long awaited, right, Neil, because sports has been the last bastion of profitable television. These live events, the fandom, the excitement of people sort of going to battle on the playing field. It's the last reason people have been returning to cable. And I think, you know, letting people cut the cord on that last bastion, this feels really rough. Did you see actually Fox One's app launches today? So the two big sports broadcasters going head-to-head direct to consumer.

It's going to get messy up there. ESPN doesn't think there's a competition with Fox One. It's been spending $80 billion of the past seven years bulking up this live rights portfolio in order to make sure that it has the best content. They have a Super Bowl coming in February 2027. They also inked, you know, that big deal with NFL. NFL is taking a 10% equity stake in ESPN. And the NFL of live sports is, you know, the king right there. So they're getting, you know, probably the best content that people want to watch anywhere on television. They have the NBA finals every season. They have the college football playoff every single year. They also adjusting to deal with WWE for WrestleMania. So Jimmy Pater, the president at ESPN, thinks that,

no one can compete with the amount of live sports that they have, and that's why they're rolling out this ESPN app and charging people around 30 bucks for it. Yeah, it's pretty expensive. I also saw that the app's going to have a bit of a refresh. Do you see that there's going to be sort of vertical content. There's going to be much more focused on interactivity, social media feeds, lots more engagement on the docket.

So I hear you. I think ESPN steel, still cream of the crop, but even then it's having to evolve its model. It's having to get next gen. And then thinking about Disney. proper I mean they have ESPN is now only one of their stable of streaming services they have Disney Plus which is their biggest one and Hulu as well to doing this interesting thing where they're bundling ESPN Disney Plus and

Hulu together for 2999 a month which is exactly how much just ESPN alone cost so they want people to go for this bundle they think that the bundle customer is their most loyal customer and they're trying to get people across all their streaming ecosystem so it's very well I mean if you are trying to get this ESPN app and you don't have Disney Plus, why would you just get the ESPN app? When you get for the same price, you can get Disney Plus, Hulu, and ESPN. That's hoping, that's what they're hoping for in terms of the psychology. Now, the price is going to go up to like 35 bucks a month after this year. But it's clear that bundling is a big part of this ESPN

strategy. Yeah, it's working. I'm doing it. I'm going to go buy the bundle. I'm going to be the litmus test for it working. Just when you thought we've hit Peak Laboo, those fiendish little elf dolls are only getting stronger. Popmart, the Chinese toy company that makes Labibu, reported financials on Wednesday that almost defy business logic. In the first six months of the year, sales were up more than 200 percent, and net profit soared nearly 400 percent. Outside of China, where Labibu has been making a big push, the numbers were even higher, and the Americas, revenue jumped 1,100 percent, in Europe and other regions, 729%, and in Asia outside of China, at 258%. And it's not taking its foot off the gas pedal. Pop Mart's CEO revealed that

mini Labibu dolls are coming as soon as this week, ideal for clipping onto your phone. And that's sure to draw even more demand from Gen Z who are obsessed with accessorizing their accessories. Plus, Pop Mart plans to grow with retail footprint aggressively opening about three new stores per week, eventually topping 60 in the United States. Investors went loco for Labibu's growth plan, sending Popmart stock more than 12% higher to a new record. Shares are up more than 650% over the past year. And Labibu is being called the biggest international toy fad since the Beanie babies in the 90s. Can it possibly sustain this growth? Oh, wow. The Beanie Babies, that's such a throwback. I will answer the question with my POV,

but first, you have to tell me, do you have a Labubo? I do not have a Labubu. Each time I try to spring for one, I think to myself, well, it's not cool anymore. Like if Neil Freeman buys one, that it means it's past its peak. And then I keep looking at these numbers and all the celebrities that are continuing to show it off. Lisa, the K-pop star, just did it this past weekend. She's a custom Laboubu that she showed off during her concert. So it seems like this craze is only swelling. So, you know, maybe, you know, maybe in the next few weeks I will spring for a lububu. But it's not like you can find one. All right. Well, if Neil Fryman buys a Labibu, I will jump on the bandwagon. Can it sustain this kind of growth? I think the Beanie Baby

example is a really fascinating analogy. And I really try to rack my brains, Neil, thinking, Are there precedents for where this kind of fad did become a long-term sustainable, sort of icon for the consumer? And there are a couple I thought of. Pandora, right, the jewelry business has been huge in charms, absolutely storming success when it comes to getting consumers to keep going back, customers wanting to refresh their collections, to accessorize their accessories, the tongue twister that you successfully threw out there.

And Pandora today is a $10 billion market cap company. watch, the watch company, got its virality from this idea that people wanted to collect the strap. So I think there are ways to do it. I think the troll doll alone may not be it, but there are ways brands have managed to achieve this kind of thing. Yeah, I mean, analysts have weighed in. They said that we think this is Jeff Zing at Morningstar. We think the longevity of popularity for Pop Mart's key IPs remain uncertain while sales growth of Luboo and other IPs remain robust. There's no guarantee that consumers will continue to favor them in the next five to 10 years, as their preferences may change very fast.

I've talked about a lot of very fast-moving trends on this show over the past couple of years. There was the Stanley Cup. There was the Trader Joe's tote bag. And while those are still probably quite popular, they didn't have the same velocity that Pop Mart is showing. And I think these executives kind of understand that they have something very special on their hands right now

and they're introducing new lines and different renditions on Lilibu like the Mini Lubbubu in order to keep things top of, of mind. They also have this genius sort of distribution strategy with the blind boxes where you open something up. It's kind of like a pack of cards where, or Pokemon cards, where you open up a blind this box and you don't know exactly which Lubu you're getting. So this element of surprise, it keeps you coming back for more. So yeah, Labibu, I mean, it just can't be stopped right now. And also just to the point on cards, that collectible element, just adults, really massive, massive audience and consumer base for this product. We've seen that. It's the sort of kid-old

phenomenon. It's a name that's had controversial, you know, name actually. It's had mixed response. But this idea that people, they really want that collectability of stuff right now. All right, we're taking a quick break, but don't go anywhere because Neil's numbers is next. Head to the coast in Abercrombie's latest summer drop. It's short season. And their new C-Fade shorts add the perfect wash look to your fit. They're so easy to throw on and pair with everything in your closet. Complete the look with a new shirt and your set. Prep for summer with Abercrombie in the app online and in stores. Welcome to Neal's numbers, the segment where I share three stats from the week's news

that will have you sounding more articulate than a West Wing character. My first number is the rise and fall of Atlanta as the Hollywood of the South. Production spending in Georgia has dropped by nearly half over the past three years, the Wall Street Journal reported. Last fiscal year, 245 projects were shot in the state compared to 412 in fiscal 2022. The main reason for the drop-off is, Marvel. In 2008, Georgia unleashed one of the most generous tax incentives for film production anywhere in the world, allowing producers to recoup almost a third of the money they spent.

That sparked a flood of film shoots, including 22 Marvel movies and shows that created thousands of jobs and had some wondering whether Atlanta was on the verge of replacing Los Angeles as the top entertainment hub in the country. One man who worked as a grip on six Marvel projects refers to his Atlanta area home as The House the Avengers bought. But recently, the mood in Georgia has turned less peachy, beginning with this summer's Fantastic Four, Marvel is shifting more production to the UK, which has a similar tax incentive to Georgia, but labor costs are lower across the board. And it's not just Georgia seeing film projects dry up. In 2024, almost 30% fewer big budget movies and TV shows began filming in the United States compared to

2022, while in Britain, they've increased 16%. And Atlanta's seeing the pitfalls of betting the farm on a single industry. Yeah, look, I love Marvel. And obviously, I love Britain. So the two of them coming together a little bit more doesn't, you know, I actually find that quite encouraging. I know that's not the answer you may be looking for. It's kind of crazy to go down the line and see what was filmed in Georgia because it has been this massive production hub thanks to these super generous incentives. If you look in the background of these films, maybe you'll see, you know, some Georgia landscapes, but the Hunger Games was filmed there, the Fast and the Furious film franchises, stranger things, the Walking Dead. And they really poured so

much money into this industry and it employed tens of thousands of people. But like so much film production in the United States, it's not just Georgia. Los Angeles is dealing with this too. They just doubled their tax incentive to $750 million earlier this year to keep production in the United States. The question is, is that enough because labor costs are just so much higher here than they are in the UK, in Australia, and in Canada, where a lot of film production has moved. For my next number, let's head up I-95 from Georgia to New York City, which just hit a real estate milestone. For the first time since COVID, the number of people heading back to the office was higher

than pre-pandemic levels. According to placar.a.i, which tracks foot traffic, July office visits in New York City were 1.3% higher than July 2019 levels. It is the only major metro area that has returned to growth. Miami isn't far behind down 0.1% from 2019, but no other city comes close. For instance, Dallas office visits have fallen 15%, Chicago, 34%, and and Denver, 40%. New York City's busy offices are vindication for those who argue the city would bounce back from COVID,

including none other than J.P. Morgan's CEO, Jamie Diamond. Later this month, the bank will start bringing in employees to its brand new headquarters, a 60-story 2.5 million square foot behemoth on Park Avenue that cost about $3 billion. The project was announced in 2018, and not once did Diamond consider pulling the plug, even when many declared the city dead in 2020. He's been on the forefront of the return to work movement, with J.P. Morgan being one of the few employers, along with Goldman Sachs, ordering their employees back to the office five days a week.

And this new tower is a statement. New York City physically, economically, is dominated by finance. And in finance, we work from the office. We do. I was really hoping you were going to play the tape of Jamie Diamond's profanity-laden request that everyone come back. It was such a... It's a kid show.

We can't quite do that. We can't do that. You know, walking around Midtown Manhattan for the longest time, I don't know if you found this, Neil. It just felt like a ghost town. It's like eerily quiet. And I'm just really excited to see people are back. It means that the coffee shops are open again.

The bagel vans are back. And it's just that vibrancy. It's so important. And yeah, I think New York City's resilient. For my final number, when was the last time you read something just for the heck of it? Because it would be fun. If you can't remember, you're in good company. Reading for pleasure in the US has plunged by more than 40% over the past 20 years.

That's according to a new study from researchers at the University of Florida and University College London. who analyzed data from the government's time-use survey to learn how people spend their day. They found that the proportion of Americans who read for pleasure on an average day fell from 28% in 2003 to just 16% in 2023. That includes e-books and audiobooks as well as traditional books, newspapers, and magazines. Jill Sanky at the University of Florida is raising the alarm, saying this is not just a small dip. It's a sustained decline of about 3% per year.

It's significant and deeply concerning. So why aren't people reading anymore? The first thing you might blame is the phones. Sankey acknowledges our digital culture is certainly part of the story. She also said that more structural issues like the lack of availability of reading materials, economic insecurity, and the declining leisure time were also part of the story. And this is going to light a fire in me to finish the book I've been working on for months. Wait, which is it?

It is the third novel in the Elena Ferranti series about two Neapolitan friends. Oh, good. That's my beach read. Well, you know, one thing I saw it caught my eye and it made me feel kind of sad to see this for two reasons, is the number of parents reading to their kids is low too. And the real irony here is I read about that on Instagram. And what's funny, you know, what's not funny, but ironic, it's at the same time, these book companies, book publishers, are doing quite well.

There's just the article about how Waterstones, which is the British Barnes & Noble, I guess you could say, is opening 10 news stores a year. Their revenue was up 5%. And then Barnes & Noble is planning on opening 60 stores a year here. in the United States. So these booksellers are doing quite well, and there seems to be a swell around book talk and talking about books and book clubs. But at the same time, maybe that's just all fake and people just aren't reading according to the American Time Use survey, which tracks literally every second of what you do during your day. All right, let's sprint to the finish with

some final headlines. President Trump escalated his pressure campaign against the Federal Reserve, demanding an official resign over alleged mortgage fraud. Yesterday, Bill Pulte, the top house housing finance regulator, accused Fed Governor Lisa Cook of falsifying bank documents and property records to acquire more favorable loan terms, alleging she has mortgages on two separate homes, claiming both as her primary residence. If Cook doesn't resign, the Trump team appears to be laying the foundation for firing her for cause because Cook's term doesn't officially end until 2038. Trump appears to be aggressively trying to tilt the composition of the central bank

in his favor, adding loyalists who would be more sympathetic to lowering interest rates. Cook responded to Trump in a statement later in the day, saying, she has no intention of being bullied to step down for my position because of some questions raised in a tweet. She said she is gathering the accurate information to answer any legitimate questions and provide the facts. East coasters trying to sneak out to the beach for one final summer swim might have to pivot. Hurricane Aaron, the first hurricane of the Atlantic season, has created dangerous conditions up and down the coast until the weekend. Officials are cautioning against swimming at most U.S. East Coast beaches because of of rip currents and life-threatening surf disrupting long weekends from the outer banks of

North Carolina to Cape Cod and Martha's Vineyard. Aaron isn't expected to make landfall in the U.S., but the Category 2 storm is still creating massive disturbances in the ocean as it moves north offshore, leading to waves of potentially 20 feet tall before conditions calm down by Saturday. If you've eaten frozen shrimp from Walmart recently, you might just get an invite into the MCU as shrimp man. That's because the FDA warned Tuesday that certain types of great value raw. frozen shrimp sold at Walmart might be radioactive. The agency said that a shipment of shrimp from

an Indonesian supplier tested positive for cesium 137, a byproduct of nuclear reactions. The FDA added that no product that tested positive for cesium 137 entered the U.S., but they ordered a recall of three great value products just to be super careful. As for health risk, the government says that the amount of radioactive material found in the shipment was so low, it would not pose an acute hazard to customers, but long-term exposure to even a small dose of this material could impact your health, like increasing the risk of cancer. If you've bought this kind of shrimp from Walmart recently, check out the FDA website for more info. Are they telling us how to dispose of it? Do we take it back to the wall?

Throw it out. We just throw it out. Yeah. So it's going to end up in the landfill. And then it just, you know, radiates your entire house. Right, exactly. Finally, the top of the app store has a surprising and adorable new face. Focus friend, a productivity app from online creator and educator Hank Green,

became the number one free app yesterday, thanks to a viral push by Hank and his brother, the author John Green. The premise is that you set a timer for yourself to focus on work. And while you do that, a cute little bean sits there and knit socks for you. If you get distracted and open up a non-work app, your bean friend gets sad. But if you focus for the full time, the bean will give you the socks. It nits that you can trade in to decorate its room like wall art or furniture. And would this help, would this app help you? How do you stay focused? Oh, I'm too busy being productive trying to track down my next laboo.

So I don't need this one. What a flex. All right. That is all the time we have. Thanks so much for starting your morning with us and have a wonderful Thursday. And thank you again for joining us as well. Go prep for brew markets. Then we'll see you back here in 24 hours. If you have any thoughts or feedback on today's show, send a note to Morning Brew Daily at Morningbrew.com.

You've been waiting all show for it. Today's password clue. Here it is, the password rhymes with a domestic sound. Once again, the password rhymes with a domestic sound. Think you got the answer? Head to our show notes where you'll find the form to submit. If you're still thinking, all good, there's one more clue coming. tomorrow. Let's roll the credits. Emily Milliron is our executive. No, no, no. Wait, wait, wait.

Wait. We have something for you, Neil. Oh. Because I understand that maybe today is a special, special, special birthday. I wouldn't know it. Well, we have a little, a little message for you. Neil, happy birthday. Thanks for being such a good friend, golf partner and co-host. Bumped, I couldn't be there to celebrate with you, but hold down the fort and we'll have a spaghetti when I'm back to celebrate. We'll do. Thank you, Toby. Thank you everyone for arranging that. And yeah, it should be a fun day.

Happy bad. All right, let's roll the credits. Emily Milliron is our executive producer. Raymond Lue is our producer. Our associate producers are Olivia Graham and Olivia Lake. Hair and makeup has Georgia on their mind. Devin Emery is our president and our shows are production of Morning Brew.

Great show today and we will see you tomorrow.