Former Target worker here - this isn't really big news. I started at $7.50 an hour back in 2011 and when I left last year the company minimum was $10. They effectively raised the company minimum every year.
However, every time I got a company raise, they would not adjust my pay based on my annual raises. After working there six years I was making $10.17, and a new person who walked in the door that same day could make $10.
If I were still working there today, I would guarantee that even with seven years of experience, I would make $11 with this new increase as would everybody else. My tenure would not have been adjusted or accounted for.
Most of my raises were anywhere from 7 cents to 17 cents annually. While that doesn't seem like much, over the course of six years, that adds to an extra dollar per hour I should've been making.
Again, annual minimum wage raises has come to be expected with Target. $15 by 2020 seems normal to me, that's $1 per year almost, which is what they've been doing for a while.
What Target really needs to do is raise the minimum wage and then adjust for tenure and annual performance reviews. If they're really "very definitive" and "very declarative" about their commitment to, and investment in its employees like the CEO Cornell says in the article, this should be a no brainer. People like me leave after their six years because you're expected to do more work because of your tenure and you don't get the pay or respect that comes with it. Treat your employees right for the amount of time they've put in with your company, and they'll be happier. I guarantee it.