[Target's grocery overhaul](https://www.marketwatch.com/story/targets-grocery-overhaul-is-helping-it-win-back-customers-eb40d5c9?mod=mw_rss_topstories) is pulling traffic back, but this reveals structural headwinds beneath the headline. Target's net margin sits at 3.1%—matching WMT's and COST's . The historical margin cushion on discretionary categories has already compressed.

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