Everything is equally important, but frieght is more important. I'll explain. Target's overall process has a weird efficiency to it such that the individual tasks often seem painfully inefficient, but when everything is done correctly the system is faster overall. In other words, it's best to slow down and not cut corners on individual tasks so that the overall process goes faster.
The foundation of this system is getting truck pushed quickly and correctly. When freight falls behind your SFQs get jacked to all hell, so not only do pulls take longer they also become less productive. Good luck with price change when the 12 sheet sets you need to ticket are in random repacks in the back. You can set salesplans but it's kind of pointless if you can't fill them because the items are somehere in all the rolled freight. (And setting salesplans without product in hand typically leads to having to make adjustments later when you do get the product.) How are you going to do suspect task audits when you have no idea how much of something you have because you're way behind on frieght? Perhaps most terrifyingly, the replenishment system doesn't always count unlocated product in its' calculations. So you might have 50 cases of tuna floating around the back because no one has time to deal with it, but it's not on the floor and it's not located in the back so maybe the system thinks you don't have it or have lied about you capacity for it so SURPRISE: here's 30 more. (This is apparently how my store ended up with 15 pallets of unneeded G&G water.)
Thus frieght is most important. It's the foundation of the house. But, everything else are the walls, roof, electrical system, etc. and they are equally important. No matter how solid your foundation is, it's pointless without a roof. But, you can't build a roof unless you have the walls to support it and you can't build the walls without a foundation to build them on.