(https://www.cnbc.com/2026/06/18/hollister-partners-with-target-to-sell-dorm-bedding-apparel.html) to tap the back-to-college market feels like a win-win. It's not. It's a tell that both companies are fighting over scraps in a shrinking discretionary pie. Target's net margin sits at 3.1% — that's the skeleton crew of retail. When you're margin-starved, you don't build owned categories, you lease shelf space to brands that own their traffic.

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