Cramer says Cornell is going after America, which it had lost under the previous leadership and became an "expect less, get more" type of company. But what they ultimately need to be, he said, is the low-cost place to get customers excited again.
He notes people used to go into Target and every aisle would be exciting. Cramer says customers will soon see organic and natural food in the aisles, baby items on sale, and a lot of items that he regards as "fancy inexpensive." This will get Target back to its mantra of "pay less," he adds.
Must Watch: Jim Cramer: New Target CEO Is Returning the Retailer to its Roots
Cramer says Target will have to take out a lot of costs in the meantime. The March 3 analyst meeting is a "must-own date," he says.