Michael Fiddelke, the 20-year Target Corp. veteran who stepped up as chief executive officer last month, laid out his style-centric vision to investors on Tuesday, promising to spend $2 billion this year to get the retailer’s mojo back. 

During an investor day held in Target’s hometown of Minneapolis, Fiddelke acknowledged the retailer’s recent weaknesses and steered course for a future that builds on the company’s reputation for blending low prices with a touch of chic.

“It’s a new chapter at Target,” the CEO said in his first extended remarks since taking the mantle from Brian Cornell, who became executive chairman. 

“Our plans build on what’s always been true about Target when we’re on our best,” he said. “We’re moving forward with urgency and a firm focus on Target’s unique place in American retail. That means delivering the style, design, experience and value consumers crave and delivering the consistent performance we all expect.”

Fiddelke said the company has already started with new leadership and an updated organizational structure and new directors in the boardroom. 

“Sales trends have improved in recent months showing early signs we’re on the right path,” he said. “All of this stems from important work we’ve done to clearly define the lane we occupy retail.”

Despite some recent improvement — Target cited gains in February sales — fourth-quarter results showed just how much work the company has ahead of it. 

Sales fell 1.5 percent to $30.5 billion for the three months ended Jan. 31, with comparable sales down 3.9 percent in stores and up 1.9 percent online. 

Net income declined 5.2 percent to $1.05 billion while adjusted operating income was up slightly from a year earlier at $1.5 billion.

Adjusted earnings per share were in line with the company’s expectations at $2.44 — and were 28 cents ahead of the $2.16 analysts projected, according to Yahoo Finance.

Target, which plans to open its 2,000th store in Fuquay-Varina, N.C., this month, saw sales fall 1.7 percent to $104.8 billion last year with a 2.6 percent decrease in comparable sales. 

But the company’s presentation painted this as the inflection point — and investors were inclined to go along with that notion and sent its stock up 6.7 percent to $120.80 as the growing war in the Middle East sent global markets lower.

The retailer forecast sales would grow around 2 percent this year with a small comp sales increase. 

“Target’s new chapter is all about fueling growth,” the CEO said. “We’ll do so by playing our own game and making changes to delight our guests. These types of changes don’t happen overnight. We have work to do and there are no shortcuts.”

Fiddelke told analysts and investors that they would see “more change to what we sell and how we sell it than you’ve seen in a decade.”

He defined Target’s “lane” in retail in terms of the company’s purpose, which is “helping all families discover the joy of everyday life.”

“Delight is a critical filter for decisions and informs our actions going forward,” he said. “It encompasses what we consider foundational to a great shopping experience: convenience, speed, price. Yet consumers consistently want and expect more, especially from Target. So delight is our standard. 

“That means getting the basics,” he said. “Sharp pricing, strong in-stocks, wicked-fast same-day delivery….We want to spark an emotional connection. So shopping is a joy. That spans everything we do from the products we sell to the experiences we create, from the design of our carts to the way we greet our guests from making our marketing campaigns to our community partnerships.

“When we democratize great design, when we’re pacesetters of what’s cool,” he said. “That’s what merchandising authority is. And it’s what we aspire to deliver. At its core, merchandising authority is about curation playing to our strengths. Target is not an everything store. That’s not what guests want from us. They want a strong trend forward that they can trust to deliver quality and value.”

To get there, Target is adding $1 billion in capital expenditures this year to support new stores and remodels while spending another $1 billion to elevate the shopping experience. 

The company is also spending on brand marketing technology, including AI, and investing in its next chapter in beauty. And later this year, it will introduce Target Beauty Studio, which aims to pair specialty-level presentation and service with Target’s signature accessibility. 

And Jim Lee, chief financial officer, said the spigot would remain open. 

“These investments are not one-time costs, but reflect an ongoing step up in spending as we’re investing to win and restore reliable, profitable growth to our business,” Lee said. 

“As one of the largest retailers in the U.S., we benefit from scale similar to our larger peers,” he said. “But importantly, because of our differentiated strategy, our assets may look different than our competitors, but we have exactly what we need to compete and succeed. At the top of that list is our stores, which are well-located, well-maintained and generate a lot of cash, excluding a very small number of exceptions.”

Oliver Chen, an analyst at TD Cowen, said Target is not sitting still, but also has plenty to do.

“Target’s share losses have been obvious, and the company acknowledges the opportunities for change, particularly in a ‘Tarzhay’ way, leveraging its known talent in unique merchandising,” Chen said. 

The analyst said he was encouraged so far by the company’s focus on speed and agility, its move toward a more curated assortment and its desire to reclaim category leadership through design, private brands and partnerships.