"Dress for the job you want, not the job you have" seems to be fairly common advice. So, I'd suggest wearing whatever your idea of a "well-dressed TL" would wear. In my case, that was a new pair of khakis and a bullseye polo from the company store, which is what I ended up wearing almost every day as a TL for 5+ years. Others will recommend nice slacks and a button down shirt--but I don't think I ever saw a TL dress up even that far, unless there was a special event or they were interviewing for a promotion. (Actually, I guess it wouldn't be out of place on a GSTL? They can get away with overdressing since they don't really do any physical work.)
For whatever it's worth, it always struck me as a bit of an odd note, as an interviewer, when an applicant for an entry-level cashiering or sales floor position overdressed to the point of being the best dressed person in the building at that moment. That's why I would try to avoid overdressing.
Dress like an ETL dresses before a big visit. Nice slacks, shiny shoes, button up long sleeve shirt. Try to look like a professional to Target's standards. I've seen a lot of people interview for possible team lead positions, and every one who got the job was dressed to the "T" Remember, you will be interviewing with at least one person from the district office.
Are you a current target TM or an outside hire? This makes a huge difference.
If you are a current TM, nice polo Target shirt, very nice khakis and shoes.
If you are an outside hire *do not* wear red and khaki! You don't work for target, and wearing the company uniform when you don't work there would just be weird. It would be like coming into a UPS interview wearing the brown UPS outfit with the UPS logo on it. My first question as an interviewer would be "Where the fu** did you get that?" and the second "Did you kill one of our employees and take it?" Ok.... a little extreme, but you get the idea. It's just weird.
I will tell you this - don't overdress. I used to interview TMs as a TL. Sometimes (very rarely) someone would come in wearing a $500 corporate suit. They looked like a buffoon every time. I wondered if they had gotten lost on their way to their interview at the FBI.
For a TL job - best to wear something in the middle of "business casual" and "business professional".
We had someone the other day come in for his interview wearing an Ahola-type buttoned shirt, yet with blue jeans, sunglasses on his head, and Coke in hand. I couldn't believe anyone would show up to an interview looking like that. I have yet to see him so I doubt he made it.
I had someone come in for an interview one time wearing denim shorts, dirty tee (looked dirty to me anyways), and a bandana on his head - and to top it all off, he kept responding to text messages during the interview, and when he wasn't texting, he had his chin in his hand, leaning on the table like he wanted to fall asleep. When the ETL doing the 2nd asked me my opinion, I didn't even want to give an answer, but I gave a "brand" response, and then after he did the 2nd, he pulled me aside and told me, "that's why you had that look on your face when you answered what was he like." We were both in utter disbelief at how some people act and dress during interviews