Among the changes that customers can expect at Target, says CEO Gregg Steinhafel, is in slimmed-down post-holiday sales. In fact, those who rely on after-Christmas sales for their holiday decorating and sweater needs may be disappointed. He's cutting inventories to reduce the need for post-holiday markdowns.

"We're taking a cautiously optimistic point of view," he says. "We'll ensure that our inventories are appropriate, but disciplined. We're really not looking to trade anyone down. We've always offered a great assortment of opening price point merchandise ... We will take a slightly more conservative posture with inventory in categories that peak in the fourth quarter and don't really exist in the first quarter, like fall or holiday apparel, trim, home decorating, trees, cards and Christmas lights. We want to capture as many sales as we can, but we don't want to have a liability at the end of the season and have to mark down."

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