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Target's CEO reveals how he fixed a mistake that was costing the company customers (TGT)

Target CEO Brian Cornell explains why Target has ditched some of its more ambitious tech innovation efforts.

Target CEO Brian Cornell says the retailers ideas for the future got a little too far-fetched.

In February, Target pulled the plug on big-ticket innovation ideas like its “Store of the Future” and a web e-commerce platform for sellers that were supposed to debut this year.

Target CEO Brian Cornell explained the reasoning behind the shake-up in an interview at Fortune's Brainstorm Tech conference. Too many of Target's innovation ideas were "drifting out into another universe," he said.

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