Among big box retailers, two names loom large: Walmart and Target, and both are in periods of transition as they head into 2026. With new leadership and big plans to expand and improve their businesses, it could be a formative year for both companies. So to prepare for the changes ahead, here’s a rundown of some trends that could shape the two retail giants over the next 12 months.

Walmart

Continued technology investments: One clear trend to watch for Walmart is an increasing reliance on technology in almost every aspect of its business. In 2025, Walmart touted several new tech investments, including an AI agent for employees called Wally and more recently, a GenAI-powered digital assistant called Sparky for customers.

It also brought its innovation-focused start-up incubator in-house, in part because “the responsibility to shape the future of retail is now shared by all segments,” according to Walmart spokesperson Kasey Anderson. And yet the company continues to find high-profile collaborators, such as a recent partnership with OpenAI integrating its e-commerce operations with ChatGPT. The announcement came as referral traffic from AI agents spiked leading up to the holiday season.

Delivering the goods: Outside of tech, Walmart continues to invest in its omnichannel capabilities, with an emphasis on driving more deliveries to customers. CFO John David Rainey in December said that the company had increased the number of items delivered by 57% in Q3. Relatedly, Walmart just launched its drone delivery program in the Atlanta area, joining Tampa, Houston, Charlotte, and Orlando.

Keep reading here.—AV

Last year’s slew of CEO changes means many retailers and CPGs are starting off the year preparing for major leadership transitions...or hoping to finally end their ongoing executive searches. Here are the chief exec changes we’re keeping an eye on this year:

CEOs we already know

Walmart CEO Doug McMillon is retiring after 12 years leading the big box retailer, with Walmart US CEO John Furner taking over as chief exec on February 1. Furner will look to continue Walmart’s current momentum: The retailer’s latest quarterly earnings exceeded analyst expectations, highlighted by strong grocery and health and wellness sales and a booming ecommerce presence. One of Furner’s biggest tasks ahead will be leading Walmart further into its AI era.

Target’s new COO Michael Fiddelke will also assume his new role as CEO in February as Brian Cornell shifts to executive chair. Fiddelke faces an uphill battle after a decidedly off-target (pun intended) year for the retailer that saw continuing foot traffic declines and falling comp sales as consumers pull back spend on discretionary goods.

The Coca-Cola Company’s new CEO Henrique Braun will step into his role on March 31, as nine-year CEO James Quincey moves to become executive chair. Braun, who joined Coca-Cola in 1996 and has served as COO for the last year, will take the helm as the beverage giant continues to outperform its rival, PepsiCo, in a tricky CPG environment, thanks in part to popularity of its zero-sugar drinks.

Keep reading here.—EC

True Religion is as intrinsically linked to early-2000s fashion as Juicy Couture tracksuits and Von Dutch trucker hats. Known for its coveted (and formerly quite expensive) jeans since launching in 2002, denim was the name of the game for the brand with the smiling Buddha. Two bankruptcies later, and though many might still associate the brand with its hallmark blue jeans, it has experienced tremendous growth over the last few years beyond the denim category. This year, True Religion reported that its nondenim categories—including activewear, outerwear, and accessories—accounted for 60% of sales, making it the brand’s most profitable year.

“We still have a stronghold in denim. That’s what we’ve been known for for 23 years,” said Kristen D’Arcy, CMO and head of digital growth for True Religion. “But, it’s really exciting as we think about ourselves—and now the customer does too—as this urban casual lifestyle brand.”

Keep reading here on Revenue Brew.—LI

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