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==History== |
==History== |
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===1902–61: Dayton Company=== |
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The [[Westminster Presbyterian Church (Minneapolis)|Westminster Presbyterian Church]] in downtown [[Minneapolis]] burned down during the [[Panic of 1893]]; the church was looking for revenue because insurance would not cover the cost of a new building. Its congregation appealed to [[George Dayton]], an active parishioner, to purchase the empty corner lot adjacent to the original church so it could rebuild; he eventually construct a six-story building on the newly-purchased property.<ref name=fundinguniverse>{{cite web| title=Target Corporation History| url=http://www.fundinguniverse.com/company-histories/target-corporation-history/|publisher=Fundinguniverse.com|accessdate=2015-06-20}}</ref> Looking for tenants, Dayton convinced the Reuben Simon Goodfellow Company its nearby Goodfellows department store into the newly-erected building in 1902, although its owner retired altogether and sold his interest in the store to Dayton.<ref name=rowley>{{cite book |last=Rowley |first=Laura |year=2003 |title=On Target: How the World's Hottest Retailer Hit a Bull's-eye |publisher=John Wiley & Sons |location=Hoboken, New Jersey |isbn=0-471-25067-8}}</ref> The store was renamed the Dayton Dry Goods Company in 1903, and was shortened to the Dayton Company in 1910.<ref name=fundinguniverse /> Having maintained connections as banker yet lacking previous retail experience, Dayton operated the company as a family enterprise over which he held tight control and enforced strict [[Presbyterian]] guidelines. Consequently, the store forbade the selling of alcohol, refused to advertise in newspapers that sponsored liquor ads, and would not allow any kind of business activity on Sundays. In 1918, Dayton, who gave away most of his money to charity, founded the Dayton Foundation with $1 million.<ref name=fundinguniverse /> |
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[[George Dayton|George Draper Dayton]] started Goodfellow Dry Goods in 1902, changing its name to Dayton's Dry Goods Company in 1903 and shortening the moniker to The Dayton Company eight years later in 1911. Fifty-one years later, in 1962, the organization opened its first Target store in [[Roseville, Minnesota]], modeled as a discount version of their department stores. In 1969, it expanded department store operations while merging with [[J.L. Hudson Company]], thereafter named Dayton-Hudson Corporation. Following the union, two more retailers were purchased, [[Mervyn's]] in 1978 as well as [[Marshall Field's|Marshall Field & Company]] in 1990.<ref name="TargetThroughTheYears">{{cite web|url=https://corporate.target.com/about/history/Target-through-the-years|title=Target Through the Years|publisher=Target Corporation|accessdate=March 10, 2016}}</ref> |
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By the 1920s, the Dayton Company was a multimillion-dollar business and filled the entire six-story building. Dayton began transferring parts of the business to his son Nelson after an earlier 43-year-old son David died in 1923. The company made its first expansion with the acquisition of the Minneapolis-based [[jeweler]] J.B. Hudson & Son right before the [[Wall Street Crash of 1929]]; its jewelry store operated in a net loss during the [[Great Depression]], but its department store weathered the economic crisis. Dayton died in 1938 and was succeeded by his son Nelson as the president of the $14 million business, who maintained the strict Presbyterian guidelines and conservative management style of his father.<ref name=fundinguniverse /> Throughout [[World War II]], Nelson Dayton's managers focused on keeping the store stocked, which led to an increase in revenue. When the [[War Production Board]] initiated its scrap metal drives, Dayton donated the electric sign on the department store to the local scrap metal heap. In 1944, it offered its workers retirement benefits, becoming one of the first stores in the United States to do so, and began offering a comprehensive health insurance policy in 1950. In 1946, the business started contributing 5% of its taxable income to the Dayton Foundation.<ref name=fundinguniverse /> |
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Halfway through the 1970s, Target became the leading producer of revenue for the corporation, with annual sales reaching $1 billion right before the 1980s. The first Target Greatland store opened on September 30, 1990 in [[Apple Valley, Minnesota]] (taking its name from a popular Dayton's clothing line), providing a larger range of goods than their conventional stores. Halfway through the decade, SuperTarget, which included a [[Photographic studio|photo studio]], dining establishments, a [[pharmacy]] as well as grocery aisles was debuted. To end the century, the company changed its name to Target Corporation, divesting itself in 2004 of both Mervyn's and Marshall Field & Company. Eight years later, the corporation began its first CityTarget, catering to urban clientele in stores 65% smaller than their typical locations.<ref>{{cite web|url=http://www.britannica.com/EBchecked/topic/1235321/Target-Corporation|title=Target Corporation|work=Encyclopedia Britannica|accessdate=15 June 2015}}</ref> |
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Nelson Dayton was replaced as president by his son Donald after his death in 1950; he ran the company alongside four of his cousins instead of under a single person, and replaced the Presbyterian guidelines with a more [[Secularism|secular]] approach. It began selling alcohol and operating on Sundays, and favored a more radical, aggressive, innovative, costly, and expansive management style. The company acquired the [[Portland, Oregon]]-based [[Lipman's]] department store company during the 1950s and operated it as a separate division.<ref name=lipmans>{{cite web| url= http://www.pdxhistory.com/html/lipman_wolfe.html| title=Lipman Wolfe and Co.|publisher=Pdxhistory.com| date=June 24, 2006|accessdate=2015-06-20}}</ref> In 1956, the Dayton Company opened [[Southdale Center]], a two-level shopping center in the Minneapolis suburb of [[Edina, Minnesota|Edina]]. Because there were only 113 good shopping days in a year in Minneapolis, the architect built the mall under a cover, making it the world's first fully enclosed [[shopping mall]]. The Dayton Company became a [[retail chain]] with the opening of its second department store in Southdale.<ref name=fundinguniverse /> |
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| ⚫ | On June 15, 2015, [[CVS Health]] announced an agreement to acquire Target's pharmacy and retail clinic businesses. The deal expanded CVS into new markets in Seattle, Denver, Portland and Salt Lake City. The acquisition includes more than 1,660 pharmacies in 47 states. CVS will operate them through a store-within-a-store format. Target's nearly 80 clinic locations will be rebranded as MinuteClinic, and CVS plans to open up to 20 new clinics in their stores within three years.<ref>{{cite news|author=Dan Gould|url=http://www.cvshealth.com/newsroom/press-releases/corporate-info-events/cvs-health-and-target-sign-agreement-cvs-health|title=CVS Health and Target Sign Agreement for CVS Health to Acquire, Rebrand and Operate Target’s Pharmacies and Clinics|publisher=CVS Health|date=2014-06-15 |accessdate=2015-06-15}}</ref> |
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===1962–75: Founding of Target=== |
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While working for the Dayton company, [[John F. Geisse]] developed the concept of upscale discount retailing. On May 1, 1962, the Dayton Company, using Geisse's concepts, opened its first Target discount store located at 1515 West County Road B in the [[Saint Paul, Minnesota|Saint Paul]] suburb of [[Roseville, Minnesota]]. The name "Target" originated from Dayton's publicity director, Stewart K. Widdess, and was intended to prevent consumers from associating the new discount store chain with the department store. [[Douglas Dayton]] served as the first president of Target. The new subsidiary ended its first year with four units, all in Minnesota. Target Stores lost money in its initial years but reported its first gain in 1965, with sales reaching $39 million, allowing a fifth store to open in Minneapolis. |
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In 1966, [[Bruce Dayton]] launched the [[B. Dalton Bookseller]] specialty chain as a Dayton Company subsidiary.<ref name=rowley/> Target Stores expanded outside of Minnesota by opening two stores in [[Denver]], and sales exceeded $60 million. The first store built in Colorado in 1966,<ref>{{cite web|url=https://corporate.target.com/about/history/Target-through-the-years |title=Target through the years |publisher=Corporate.target.com |date= |accessdate=2015-06-20}}</ref> and the first outside of Minnesota is located in [[Glendale, Colorado]] and is part of Denver Metropolitan area. The store was upgraded to a SuperTarget in 2003 and is still open.<ref>{{cite web|url=http://www.bizjournals.com/denver/stories/2003/09/29/story7.html?page=all |title=Target returns to Glendale, considerably bigger - Denver Business Journal |publisher=Bizjournals.com |date= |accessdate=2015-06-20}}</ref> The next year, the Dayton holdings were reorganized as Dayton Corporation, and it went public with its first offering of common stock. It opened two more Target stores in Minnesota, resulting in a total of nine units.{{citation needed|date=January 2013}} It also acquired the [[San Francisco]]-based jeweler [[Shreve & Co.]], which it merged with previously acquired J.B. Hudson & Son to become Dayton Jewelers.<ref name=fundinguniverse /> |
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[[File:2009-0610-009-Roseville-TargetNo1.jpg|thumb|left|This SuperTarget in [[Roseville, Minnesota]], sits on the site of the first Target store, which opened in 1962 and was torn down and replaced by this much larger store in 2005.]] |
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In 1968, Target changed its bullseye logo to a more modern look, and expanded into [[St. Louis, Missouri]], with two new stores. Target's president, Douglas J. Dayton, went back to the parent Dayton Corporation and was succeeded by William A. Hodder, and senior vice president and founder John Geisse left the company. Geisse was later hired by St. Louis-based [[May Department Stores]], where he founded the [[Venture Stores]] chain. Target Stores ended the year with 11 units and $130 million in sales. It also acquired the [[Los Angeles]]-based Pickwick Book Shops and merged it into B. Dalton Bookseller. |
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In 1969, it acquired the [[Boston]]-based [[Lechmere]] electronics and appliances chain that operated in [[New England]], and the [[Philadelphia]]-based jewelry chain J.E. Caldwell.<ref name=fundinguniverse /> It expanded Target Stores into [[Texas]] and [[Oklahoma]] with six new units and built its first [[distribution center]] in [[Fridley, Minnesota]].<ref name=lechmere>{{cite web|url=http://www.fundinguniverse.com/company-histories/Lechmere-Inc-Company-History.html |title=History of Lechmere Inc. – FundingUniverse |publisher=Fundinguniverse.com |date= |accessdate=2015-06-20}}</ref> The Dayton Company also merged with the [[Detroit]]-based [[Hudson's|J.L. Hudson Company]] that year, to become the [[Dayton-Hudson Corporation]], the 14th largest retailer in the United States, consisting of Target and five major department store chains: [[Dayton's]], [[Diamond's]] of [[Phoenix, Arizona]], [[Hudson's]], [[John A. Brown (department store)|John A. Brown]] of [[Oklahoma City, Oklahoma]], and [[Lipman's]]. The company offered Dayton-Hudson stock on the [[New York Stock Exchange]]. The Dayton Foundation changed its name to the Dayton Hudson Foundation, and Dayton-Hudson maintained its 5% donation of its taxable income to the foundation.<ref name=fundinguniverse /> |
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In 1970, Target Stores added seven new units, including two units in [[Wisconsin]], and the 24-unit chain reached $200 million in sales. Dayton-Hudson acquired the Team Electronics specialty chain that was headed by Stephen L. Pistner.<ref name=team_electronics>{{cite news| url= http://findarticles.com/p/articles/mi_m3092/is_n9_v33/ai_15194807| title=Ulrich moving up at DH: speculation mounts about naming a successor – Robert Ulrich becomes chairman of Dayton Hudson Corp| work=Discount Store News| author=Richard Halverson| date= May 2, 1994}}</ref> It also acquired the [[Chicago]]-based jeweler C.D. Peacock, Inc., and the [[San Diego]]-based jeweler J. Jessop and Sons.<ref name=fundinguniverse /> In 1971, Dayton-Hudson acquired sixteen stores from the [[Arlan's]] department store chain in [[Colorado]], [[Iowa]], and [[Oklahoma]]. Two of those units reopened as Target stores that year. Dayton-Hudson's sales across all its chains surpassed $1 billion, with the Target chain only contributing a fraction to it.<ref name=fundinguniverse /> In 1972, the other fourteen units from the Arlan's acquisition were reopened as Target stores to make a total of 46 units. As a result of its rapid expansion and the top executives' lack of experience in discount retailing, the chain reported its first decrease in profits since its initial years. Its loss in operational revenue was due to overstocking and carrying goods over multiple years regardless of inventory and storage costs. By then, Dayton-Hudson considered selling off the Target Stores subsidiary. In 1973, Stephen Pistner, who had already revived Team Electronics and would later work for [[Montgomery Ward]] and [[Ames (store)|Ames]], was named chief executive officer of Target Stores, and [[Kenneth A. Macke]] was named Target Stores' senior vice president. The new management marked down merchandise to clean out its overstock and allowed only one new unit to open that year. |
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===1975–81: Early prosperity=== |
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In 1975, Target opened two stores, reaching 49 units in nine states and $511 million in sales. That year, the Target discount chain became Dayton-Hudson's top revenue producer. In 1976, Target opened four new units and reached $600 million in sales. Macke was promoted to president and chief executive officer of Target Stores. Inspired by the Dayton Hudson Foundation, the Minneapolis Chamber of Commerce started the 5% Club (now known as the Minnesota Keystone Program), which honored companies that donated 5% of their taxable incomes to charities.<ref name=fundinguniverse /> In 1977, Target Stores opened seven new units and Stephen Pistner became president of Dayton-Hudson, with Macke succeeding him as chairman and chief executive officer of Target Stores. The senior vice president of Dayton-Hudson, Bruce G. Allbright, moved to Target Stores and succeeded Kenneth Macke as president. In 1978, the company acquired [[Mervyn's]] and became the 7th largest general merchandise retailer in the United States. Target Stores opened eight new stores that year, including its first shopping mall anchor store in [[Grand Forks, North Dakota]].<ref name=community>{{cite web |url=http://www.und.nodak.edu/dept/grad/html/gfinfo.html |title=Community of Grand Forks|accessdate=June 11, 2007 |publisher=University of North Dakota}}</ref> In 1979, it opened 13 new units to a total of 80 Target stores in eleven states. Dayton-Hudson reached $3 billion in sales, with $1.12 billion coming from the Target store chain alone.<ref name=fundinguniverse /> |
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In 1980, Dayton-Hudson sold its [[Lipman's]] department store chain of six units to [[Marshall Field's]], which rebranded the stores as [[Frederick & Nelson]].<ref name=lipmans/> That year, Target Stores opened seventeen new units, including expansions into [[Tennessee]] and [[Kansas]]. It also acquired the [[Ayr-Way]] discount retail chain of 40 stores and one distribution center from [[Indianapolis]]-based L.S. Ayres & Company. In 1981, it reopened the stores acquired in the Ayr-Way acquisition as Target stores. Stephen Pistner left the parent company to join [[Montgomery Ward]], and Kenneth Macke succeeded him as president of Dayton-Hudson.<ref>{{cite news| url=http://www.time.com/time/magazine/article/0,9171,956312,00.html?iid=chix-sphere| title=Calling It Quits| work=Time | author=John S. Demott| date=May 20, 1985}}</ref> [[Floyd Hall]] succeeded Kenneth Macke as chairman and chief executive officer of Target Stores. Bruce Allbright left the company to work for [[F. W. Woolworth Company|Woolworth]], where he was named chairman and chief executive officer of [[Woolco]]. [[Bob Ulrich]] also became president and chief executive officer of Diamond's Department Stores.<ref name=ulrich_dsn>{{cite news| url= http://www.findarticles.com/p/articles/mi_m0FNP/is_7_45/ai_n16124757| title=Leadership paves the way to company strength| work=DSN Retailing Today | date=April 10, 2006}}</ref> In addition to the Ayr-Way acquisition, Target Stores expanded by opening fourteen new units and a third distribution center in [[Little Rock, Arkansas]], to a total of 151 units and $2.05 billion in sales. |
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===1982–99: Nationwide expansion=== |
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Since the launch of Target Stores, the company had focused its expansion in the central United States. In 1982, it expanded into the [[West Coast of the United States|West Coast]] market by acquiring 33 [[FedMart]] stores in [[Arizona]], [[California]], and Texas and opening a fourth distribution center in [[Los Angeles]].<ref name=30_years>{{cite news| url= http://www.findarticles.com/p/articles/mi_m3092/is_n8_v31/ai_12098940| title=1962–1992 Dayton's dream is on Target| work=Discount Store News | date=April 20, 1992}}</ref> Bruce Allbright returned to Target Stores as its vice chairman and chief administrative officer, and the chain expanded to 167 units and $2.41 billion in sales. It sold the Dayton-Hudson Jewelers subsidiary to [[Birks & Mayors|Henry Birks & Sons]] of [[Montreal]].<ref name=fundinguniverse /> In 1983, the 33 units acquired from FedMart were reopened as Target stores. It also founded the Plums off-price apparel [[specialty store]] chain with four units in the Los Angeles area, with an intended audience of middle-to-upper income women. In 1984, it sold its Plums chain to [[Ross Stores]] after only 11 months of operation, and it sold its Diamond's and John A. Brown department store chains to [[Dillard's]].<ref>{{cite news | url=http://www.findarticles.com/p/articles/mi_hb4298/is_198402/ai_n14972822| title=Plums fall doesn't cause too many shock waves |work=Discount Store News | author=Sidney Rutberg| date=February 1984}}</ref><ref>{{cite news | url=http://findarticles.com/p/articles/mi_m3092/is_v23/ai_3183523| title=Dayton Hudson, sour on Plums, sells its 11-month-old off-pricer |work=Discount Store News| date=March 19, 1984}}</ref><ref name=dillards>{{cite news| url=http://query.nytimes.com/gst/fullpage.html?res=9903E2DB1438F933A2575BC0A962948260| title=Dayton-Hudson In Dillard Deal| newspaper=The New York Times| accessdate=2004-08-10}}</ref> Meanwhile, Target Stores added nine new units to a total of 215 stores and $3.55 billion in sales. Floyd Hall left the company and Bruce Allbright succeeded him as chairman and chief executive officer of Target Stores. In May 1984, Bob Ulrich became president of the Dayton-Hudson Department Store Division, and in December 1984 became president of Target Stores.<ref name=ulrich_dsn/> In 1986, the company acquired fifty [[Gemco]] stores from [[Lucky Stores]] in California, which made Target Stores the dominant retailer in [[Southern California]], as the chain grew to a total of 246 units. It also opened a fifth distribution center in [[Pueblo, Colorado]]. Dayton-Hudson sold the B. Dalton Bookseller chain of several hundred units to [[Barnes & Noble]].<ref name=rowley/> |
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In 1987, the acquired Gemco units reopened as Target units, and Target Stores expanded into [[Michigan]] and [[Nevada]], including six new units in [[Detroit, Michigan]], to compete directly against Detroit-based [[Kmart]], leading to a total of 317 units in 24 states and $5.3 billion in sales. Bruce Allbright became president of Dayton-Hudson, and Bob Ulrich succeeded him as chairman and chief executive officer of Target Stores.<ref name=ulrich_dsn/> [[Herbert Haft|The Dart Group]] attempted a [[takeover]] bid by aggressively buying its stock.<ref>{{cite news | url=http://articles.latimes.com/1987-06-20/business/fi-8424_1_dayton-hudson| title=Targeted by Dart Group, Dayton Hudson Gets Defensive| work=Los Angeles Times| date=June 20, 1987}}</ref> Kenneth Macke proposed six amendments to Minnesota's 1983 anti-takeover law, and his proposed amendments were passed that summer by the state's legislature. This prevented the Dart Group from being able to call for a shareholders' meeting for the purpose of electing a board that would favor Dart if their bid were to turn hostile.<ref>{{cite news | url=http://articles.latimes.com/1987-09-30/business/fi-7347_1_dayton-hudson| title=A Persistent Dart Group Sweetens Dayton Hudson Offer to $6.62 Billion| work=Los Angeles Times| date=September 30, 1987}}</ref> Dart originally offered $65 a share, and then raised its offer to $68. The [[Black Monday (1987)|stock market crash of October 1987]] ended Dart's attempt to take over the company, when Dayton-Hudson stock fell to $28.75 a share the day the market crashed.<ref name=fundinguniverse /> Dart's move is estimated to have resulted in an after-tax loss of about $70 million.<ref>{{cite news| url=http://www.nytimes.com/1987/10/21/business/company-news-dart-group-ends-its-bid-to-buy-dayton-hudson.html| title=Dart Group Ends Its Bid To Buy Dayton Hudson| newspaper=The New York Times| date=October 21, 1987}}</ref> In 1988, Target Stores expanded into the [[Northwestern United States]] by opening eight units in [[Washington (state)|Washington]] and three in [[Oregon]], to a total of 341 units in 27 states. It also opened a distribution center in [[Sacramento, California]], and replaced the existing distribution center in [[Indianapolis, Indiana]], from the Ayr-Way acquisition with a new one. In 1989, it expanded by 60 units, especially in the [[Southeastern United States]] where it entered [[Florida]], [[Georgia (U.S. state)|Georgia]], [[North Carolina]], and [[South Carolina]], to a total of 399 units in 30 states with $7.51 billion in sales. This included an acquisition of 31 more stores from [[Federated Department Stores]]' [[Gold Circle]] and [[Richway]] chains in Florida, Georgia, and North Carolina, which were later reopened as Target stores.<ref name=30_years /> It also sold its [[Lechmere]] chain that year to a group of investors including [[Berkshire Partners]], a leveraged buy-out firm based in [[Boston, Massachusetts]], eight Lechmere executives, and two local shopping mall executives.<ref name=lechmere/> |
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In 1990, it acquired [[Marshall Field's]] from [[Batus Inc.]], and Target Stores opened its first [[#Target Greatland|Target Greatland]] general merchandise superstore in [[Apple Valley, Minnesota]]. By 1991, Target Stores had opened 43 Target Greatland units, and sales reached $9.01 billion. In 1992, it created a short-lived chain of apparel [[specialty store]]s called Everyday Hero with two stores in Minneapolis.<ref name=30_years/> They attempted to compete against other apparel specialty stores such as [[Gap Inc.|Gap]] by offering [[private label]] apparel such as its Merona brand. In 1993, it created a chain of [[closeout (sale)|closeout stores]] called Smarts for liquidating clearance merchandise, such as private label apparel, that did not appeal to typical closeout chains that were only interested in national brands. It operated four Smarts units out of former Target stores in [[Rancho Cucamonga, California]], [[Des Moines, Iowa]], [[El Paso, Texas]], and [[Indianapolis, Indiana]], that each closed out merchandise in nearby distribution centers.<ref name=smarts_close>{{cite news | url= http://www.accessmylibrary.com/coms2/summary_0286-6342492_ITM| title=Target Stores to Close Experimental [sic] Clearance Outlets| work=The Indianapolis Star| accessdate=2005-07-27}}</ref> In 1994, Kenneth Macke left the company, and Bob Ulrich succeeded him as the new chairman and CEO of Dayton-Hudson.<ref name=team_electronics/> In 1995, Target Stores opened its first [[#SuperTarget|SuperTarget]] [[hypermarket]] in [[Omaha, Nebraska]]. It also closed the four Smarts units after only two years of operation.<ref name=smarts_close/> Its store count increased to 670 with $15.7 billion in sales.<ref name="2000 report"/> It launched the Target Guest Card, the discount retail industry's first store credit card.<ref name=fundinguniverse /> |
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In 1996, [[J.C. Penney]] Company, Inc., the fifth largest retailer in the United States, offered to buy out Dayton-Hudson, the fourth largest retailer, for $6.82 billion. The offer, which most analysts considered as insufficiently valuing the company, was rebuffed by Dayton-Hudson, saying it preferred to remain independent.<ref name=fundinguniverse /><ref>{{cite news |url=http://community.seattletimes.nwsource.com/archive/?date=19960425&slug=2325988| title=Unsolicited J.C. Penney Offer Rejected By Dayton Hudson| work=The Seattle Times| date=April 25, 1996}}</ref> Target Stores increased its store count to 736 units in 38 states with $17.8 billion in sales, and remained the company's main area of growth while the other two department store subsidiaries underperformed.<ref name="2000 report"/> The middle scale Mervyn's department store chain consisted of 300 units in 16 states, while the upscale Department Stores Division operated 26 Marshall Field's, 22 Hudson's, and 19 Dayton's stores.<ref name=fundinguniverse /> In 1997, both of the Everyday Hero stores were closed.<ref name=everyday_hero>{{cite news | url=http://www.bizjournals.com/twincities/stories/1997/09/08/daily9.html| title=Target closes Everyday Hero in Mall of America| work=Minneapolis/St. Paul Business Journal | date=September 11, 1997}}</ref> Target's store count rose to 796 units, and sales rose to $20.2 billion.<ref name="2000 report"/> In an effort to turn the department store chains around, Mervyn's closed 35 units, including all of its stores in Florida and Georgia. Marshall Field's sold all of its stores in Texas and closed its store in [[Milwaukee]].<ref name=fundinguniverse /> |
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In 1998, Dayton-Hudson acquired [[Greenspring Company]]'s multi-catalog direct marketing unit, Rivertown Trading Company, from [[Minnesota Communications Group]], and it acquired the Associated Merchandising Corporation, an apparel supplier.<ref name=rivertown>{{cite web|url=http://access.minnesota.publicradio.org/press_releases/releases_archive/releases/19980323_rtownsale.html |accessdate=July 12, 2014 |deadurl=yes |archiveurl=https://web.archive.org/20060702004001/http://access.minnesota.publicradio.org:80/press_releases/releases_archive/releases/19980323_rtownsale.html |archivedate=July 2, 2006 }}</ref><ref name=amc>{{cite news| url= http://www.amchamthailand.com/acct/asp/corpdetail.asp?CorpID=212| title=Associated Merchandising Corporation| publisher=The American Chamber of Commerce in Thailand}}</ref> Target Stores grew to 851 units and $23.0 billion in sales.<ref name="2000 report"/> The Target Guest Card program had registered nine million accounts.<ref name=fundinguniverse /> |
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In 1999, Dayton-Hudson acquired [[Fedco]] and its ten stores in a move to expand its SuperTarget operation into [[Southern California]]. It reopened six of these stores under the Target brand and sold the other four locations to [[Walmart|Wal-Mart]], [[Home Depot]], and the [[Ontario, California|Ontario]] Police Department, and its store count rose to 912 units in 44 states with sales reaching $26.0 billion.<ref name=community/><ref name="2000 report"/><ref name=fedco>{{cite news | url= http://www.findarticles.com/p/articles/mi_m3092/is_14_38/ai_55302142| title=Target buys Fedco for SuperT| work=Discount Store News| date=July 26, 1999}}</ref> Revenue for Dayton-Hudson increased to $33.7 billion, and net income reached $1.14 billion, passing $1 billion for the first time and nearly tripling the 1996 profits of $463 million. This increase in profit was due mainly to the Target chain, which Ulrich had focused on making feature high-quality products for low prices.<ref name=fundinguniverse /> On September 7, 1999, the company relaunched its Target.com website as an [[e-commerce]] site as part of its discount retail division. The site initially offered merchandise that differentiated its stores from its competitors, such as its [[Michael Graves]] brand.<ref name=targetdotcom>{{cite news | url= http://www.findarticles.com/p/articles/mi_m3092/is_18_38/ai_56029620| title=Target may step up NE rollouts; debuts long-awaited e-tail site| work=Discount Store News| date=September 20, 1999}}</ref> |
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[[File:Target footprint.png|300px|thumb|Map of Target stores in the US (click to enlarge)]] |
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In January 2000, Dayton-Hudson Corporation changed its name to Target Corporation and its ticker symbol to TGT; by then, between 75 percent and 80 percent of the corporation's total sales and earnings came from Target Stores, while the other four chains—[[Dayton's]], [[Hudson's]], [[Marshall Field's]], and [[Mervyn's]]—were used to fuel the growth of the discount chain, which expanded to 977 stores in 46 states and sales reached $29.7 billion by the end of the year.<ref name=community/> It also separated its e-commerce operations from its retailing division, and combined it with its Rivertown Trading unit into a stand-alone subsidiary called target.direct.<ref name=namechange>{{cite news | url=http://www.findarticles.com/p/articles/mi_m3092/is_4_39/ai_59649452| title=Target is the name| work=Discount Store News| date=February 21, 2000}}</ref> It also started offering the Target Visa, as consumer trends were moving more towards third-party [[Visa Inc.|Visa]] and [[MasterCard]]s and away from private-label cards such as the Target Guest Card.<ref name=fundinguniverse /> |
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In 2001, it launched its online gift registry, and in preparation for this it wanted to operate its upscale Department Stores Division, consisting of 19 Dayton's, 21 Hudson's, and 24 Marshall Field's stores, under a unified department store name. It announced in January that it was renaming its Dayton's and Hudson's stores to Marshall Field's. The name was chosen for multiple reasons: out of the three, Marshall Field's was the most recognizable name in the Department Stores Division, its base in Chicago was bigger than Dayton's base in Minneapolis and Hudson's base in Detroit, Chicago was a major travel hub, and it was the largest chain of the three.<ref name=fundinguniverse /> Target Stores expanded into [[Maine]], reaching 1,053 units in 47 states and $33.0 billion in sales.<ref name="2000 report">{{cite web| url=http://media.corporate-ir.net/media_files/irol/65/65828/reports/2000_TGT_annual.pdf| title=Target Corporation 2000 Annual Report| publisher=Target Corporation| format=PDF}}</ref><ref>{{cite web |url=http://media.corporate-ir.net/media_files/irol/65/65828/reports/2001_TGT_annual_HTML/business/2_expansion.htm| title=Target Corporation 2001 Annual Report| publisher=Target Corporation}}</ref> Around the same time, the chain made a successful expansion into the [[Pittsburgh]] market, where Target capitalized on the collapse of [[Ames (store)|Ames Department Stores]] that coincidentally happened at the same time as Target's expansion into the area. |
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In 2002, it expanded to 1,147 units, which included stores in [[San Leandro, California|San Leandro]], [[Fremont, California|Fremont]], and [[Hayward, California]], and sales reached $37.4 billion.<ref name=community/> In 2003, Target reached 1,225 units and $42.0 billion in sales.<ref name=community/> Despite the growth of the discount retailer, neither Marshall Field's nor Mervyn's were adding to its store count, and their earnings were consistently declining. Marshall Field's sold two of its stores in [[Columbus, Ohio]], this year.<ref name=fundinguniverse /> On June 9, 2004, Target Corporation announced its sale of the Marshall Field's chain to [[St. Louis]]-based [[May Department Stores]], which would become effective July 31, 2004. As well, on July 21, 2004, Target Corporation announced the sale of Mervyn's to an investment consortium including [[Sun Capital Partners]], [[Cerberus Capital Management]], and Lubert-Adler/Klaff and Partners, L.P., which was finalized September 2. Target Stores expanded to 1,308 units and reached $46.8 billion USD in sales. In 2005, Target began operation in [[Bangalore]], India.<ref name=bangalore>{{cite web| url= https://corporate.target.com/india/about.html| title=Global Team: Bangalore| publisher=Target}}</ref> It reached 1,397 units and $52.6 billion in sales.<ref name=community/> In February 2005, Target Corporation took a $65 million charge to change the way it accounted for leases, which would reconcile the way Target depreciated its buildings and calculated rent expense. The adjustment included $10 million for 2004 and $55 million for prior years.<ref>{{cite web| url=http://phx.corporate-ir.net/phoenix.zhtml?c=65828&p=irol-newsArticle&ID=670138&highlight=| title=Target Corporation Discusses Two Accounting Matters Expected to Impact Fiscal 2004 Results}}</ref> |
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In 2006, Target completed construction of the Robert J. Ulrich Center in Embassy Golf Links in Bangalore, and Target planned to continue its expansion into [[India]] with the construction of additional office space at the Mysore Corporate Campus and successfully opened a branch at [[Mysore]].<ref name=bangalore/> It expanded to 1,488 units, and sales reached $59.4 billion.<ref name="2006 financials">{{cite web| url=http://investors.target.com/phoenix.zhtml?c=65828&p=irol-newsArticle&ID=967693 |title=Target Corporation Fourth Quarter Earnings Per Share $1.29 |publisher=Target Corporation |date=February 27, 2007}}</ref> On January 9, 2008, Bob Ulrich announced his plans to retire as CEO, and named Gregg Steinhafel as his successor. Ulrich's retirement was due to Target Corporation policy requiring its high-ranking officers to retire at the age of 65. While his retirement as CEO was effective May 1, he remained the chairman of the board until the end of the 2008 fiscal year. On March 4, 2009, Target expanded outside of the continental United States for the first time. Two stores were opened simultaneously on the island of [[Oahu]] in [[Hawaii]], along with two stores in [[Alaska]]. Despite the economic downturn, media reports indicated sizable crowds and brisk sales. The opening of the Hawaii stores leaves [[Vermont]] as the only state in which Target does not operate. In June 2010, Target announced its goal to give $1 billion to education causes and charities by 2015. Target School Library Makeovers is a featured program in this initiative. In August 2010, after a "lengthy wind-down", Target began a nationwide closing of its remaining 262 [[garden center]]s, reportedly due to "stronger competition from home-improvement stores, Walmart and independent garden centers". Also, in September 2010, numerous Target locations began adding a fresh produce department to their stores.<ref name=gardenclose>{{cite news | title=Target closing all garden centers, including 90 in Florida| url=http://www.miamiherald.com/2010/08/13/v-print/1774478/target-closing-all-garden-centers.html| work=[[The Miami Herald]]| date=August 13, 2010| author=Mark Albright| accessdate=August 16, 2010}}</ref> |
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===2011–present: Initiatives=== |
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On January 22, 2014, Target "informed workers that it is terminating 475 positions at its offices globally."<ref name="Target Trimming Global Workforce">{{cite news | url=http://www.wwd.com/retail-news/mass-off-price/target-terminating-475-positions-7388406?src=nl/mornReport/20140123 | title=Target Trimming Global Workforce | work=Women's Wear Daily | date=23 January 2014 | accessdate=23 January 2014 | author=Edelson, Sharon}}</ref> On March 5, 2014, Target Corp.'s Chief Information Officer Beth Jacob resigned, having been in the role since 2008; this is thought to be due to the company's overhaul of its information security systems.<ref>{{cite news | url = http://www.northjersey.com/news/business/target-says-chief-information-officer-resigning-1.724398 | title = Target says chief information officer resigning | work=Bergen County Record |agency=Associated Press | date = 6 March 2014 | accessdate = 25 March 2014}}</ref> |
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| ⚫ | On June 15, 2015, [[CVS Health]] announced |
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====Target Canada==== |
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On January 13, 2011, Target announced its first ever international expansion, into [[Canada]], when it purchased the leaseholds for up to 220 stores of the Canadian sale chain [[Zellers]], owned by the [[Hudson's Bay Company]]. The deal was announced to have been made for 1.8 billion dollars. The company stated that they aimed to provide Canadians with a "true Target-brand experience", hinting that its product selection in Canada would vary little from that found in its United States stores. |
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Target opened its first Canadian stores in March, 2013, and at its peak, [[Target Canada]] had 133 stores. However, the expansion into Canada was beset with problems, including supply chain issues that resulted in stores with aisles of empty shelves and higher-than-expected retail prices. Target Canada racked up losses of $2.1 billion in its short life, and the store's botched expansion was characterized by the Canadian and US media as a "spectacular failure",<ref>{{cite news|url=http://www.cbc.ca/news/business/target-admits-it-missed-the-mark-but-what-does-it-mean-for-canadian-retail-1.2906830 |title=Target admits it missed the mark, but what does it mean for Canadian retail? - Business - CBC News |publisher=Cbc.ca |date=2015-01-15 |accessdate=2015-06-20}}</ref> "an unmitigated disaster",<ref>{{cite web|url=http://www.macleans.ca/economy/business/hey-target-heres-how-you-expand-into-canada-courtesy-of-wal-mart/ |title=Hey Target, here's how you expand into Canada, courtesy of Wal-Mart |publisher=Macleans.ca |date=2014-08-20 |accessdate=2015-06-20}}</ref><ref name="fortune.com">{{cite web|author= |url=http://fortune.com/2015/04/02/target-canada-store-closing/ |title=Target can't get out of Canada fast enough |publisher=Fortune.com |date=2015-04-02 |accessdate=2015-06-20}}</ref> and "a gold standard case study in what retailers should not do when they enter a new market."<ref>{{cite web|url=http://business.financialpost.com/news/retail-marketing/target-corps-spectacular-canada-flop-a-gold-standard-case-study-for-what-retailers-shouldnt-do |title=Target Corp’s spectacular Canada flop: A gold standard case study for what retailers shouldn’t do | Financial Post |publisher=Business.financialpost.com |date= |accessdate=2015-06-20}}</ref> |
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On January 15, 2015, Target announced that all 133 of its Canadian outlets would be closed and liquidated by the end of 2015.<ref>{{cite web|author= |url=http://pressroom.target.ca/news/target-corporation-announces-plans-to-discontinue-canadian-operations |title=News Releases: Hot Off the Press & Archives | Target Corporate |publisher=Pressroom.target.ca |date= |accessdate=2015-06-20}}</ref> The last Target Canada stores closed on April 12, 2015, far ahead of the initial schedule.<ref name="fortune.com"/> |
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====2013 security breach==== |
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On December 18, 2013, security expert [[Brian Krebs]] broke news<ref>{{cite web|url=http://krebsonsecurity.com/2013/12/sources-target-investigating-data-breach/ |title=Sources: Target Investigating Data Breach — Krebs on Security |publisher=Krebsonsecurity.com |date=2013-12-18 |accessdate=2015-06-20}}</ref> that Target was investigating a major data breach "potentially involving millions of customer credit and debit card records." The report quickly spread across news channels. On December 19, Target confirmed the incident via a press release,<ref>{{cite web|author= |url=http://pressroom.target.com/news/target-confirms-unauthorized-access-to-payment-card-data-in-u-s-stores |title=Target Confirms Unauthorized Access to Payment Card Data in U.S. Stores | Target Corporate |publisher=Pressroom.target.com |date= |accessdate=2015-06-20}}</ref> revealing that the hack took place between November 27 and December 15, 2013. Target warned that up to 40 million consumer credit and debit cards may have been compromised. Hackers gained access to customer names, card numbers, expiration dates, and [[Card security code|CVV security codes]] of the cards issued by financial institutions. On December 27 Target disclosed that debit card PIN data had also been stolen, albeit in [[encrypted]] form, reversing an earlier stance that PIN data was not part of the breach. Target noted that the accessed PIN numbers were encrypted using [[Triple DES]] and has stated the PINs remain "safe and secure" due to the encryption.<ref>{{cite news | url= http://money.cnn.com/2013/12/27/technology/target-pin | title= Target confirms PIN data was stolen in breach | first=David |last=Goldman| date= December 27, 2013| publisher=[[CNNMoney.com]] | accessdate=2013-12-28}}</ref> On January 10, 2014, Target disclosed that the names, mailing addresses, phone numbers or email addresses of up to 70 million additional people had also been stolen, bringing the possible number of customers affected up to 110 million.<ref name="yahoo millions more">{{cite web|url=http://finance.yahoo.com/news/target-breach-affected-millions-more-184807005.html |title=Target: Breach affected millions more customers - Yahoo Finance |publisher=Finance.yahoo.com |date=2014-01-10 |accessdate=2015-06-20}}</ref> |
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On March 13, 2014, Bloomberg Businessweek published an article<ref>{{cite web|author= |url=http://www.businessweek.com/articles/2014-03-13/target-missed-alarms-in-epic-hack-of-credit-card-data |title=Target Missed Warnings in Epic Hack of Credit Card Data |publisher=Businessweek.com |date=2014-03-13 |accessdate=2015-06-20}}</ref> asserting that Target's computer security team was notified of the breach via the [[FireEye]] security service they employed, had ample time to disrupt the theft of credit cards and other customer data, but did not act to prevent theft from being carried out. |
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Target is encouraging customers who shopped at its US stores (online orders were not affected) during the specified timeframe to closely monitor their credit and debit cards for irregular activity. The retailer has also confirmed that it is working with law enforcement, including the United States Secret Service, "to bring those responsible to justice." The data breach has been called the second-largest retail cyber attack in history,<ref>{{cite news|title=Target data breach affects at least 70 million customers, online shoppers|url=http://www.chicagotribune.com/business/breaking/chi-target-data-breach-affected-70-million-customers-20140110,0,621285.story|accessdate=11 January 2014|newspaper=[[Chicago Tribune]]|date=10 January 2014}}</ref> and has been compared to the 2009 non-retail [[Heartland Payment Systems]] compromise, which affected 130 million credit cards, and to the 2007 retail [[TJX Companies]] compromise, which affected 90 million people.<ref>{{cite news|last=Harris|first=Elizabeth A.|title=Target Struck in the Cat-and-Mouse Game of Credit Theft|url=http://www.nytimes.com/2013/12/20/technology/target-stolen-shopper-data.html?_r=0 |accessdate=2013-12-24|newspaper=The New York Times|date=20 December 2013}}</ref> As an apology to the public, all Target stores in the United States gave retail shoppers a 10% storewide discount for the weekend of December 21–22, 2013. Target has offered free [[credit monitoring]] via [[Experian]] to affected customers.<ref>{{cite news|title=Target offers 10% off as credit fraud apology |url=http://www.usatoday.com/story/money/business/2013/12/21/target-ceo-credit-breach-discount/4157103/|accessdate=22 December 2013|date=22 December 2013|first=Christ |last= Woodyard|agency=[[USA Today]]}}</ref><ref>{{cite web|url=https://corporate.target.com/discover/article/free-credit-monitoring-and-identity-theft-protecti|title=free credit monitoring and identity theft protection with Experian's ProtectMyID now available|date=January 13, 2014|publisher=Target Corporation|accessdate=5 March 2014}}</ref> |
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Target reported total transactions for the same time last year were down 3-4%, as of December 23, 2013.<ref>{{cite web|title=Even With 10% "Our Bad" Discount, Target's Sales Down After Credit Card Disaster |url=http://consumerist.com/2013/12/23/even-with-10-our-bad-discount-targets-sales-down-after-credit-card-disaster/}}</ref><ref>{{cite news |title=Traffic at Target Stores Down After Data Breach |url= http://online.wsj.com/news/articles/SB10001424052702303290904579274382225480644| date= December 22, 2013 | work=The Wall Street Journal| accessdate=2013-12-28}}</ref> |
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According to ''[[TIME]]'' Magazine, a 17-year-old Russian teen was suspected to be the author of the Point of Sale (POS) malware program, "BlackPOS", which was used by others to attack unpatched Windows computers used at Target.<ref>{{cite news |title=Russian Teen Suspected as Author of Target Hacking Code |
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|author=Charlotte Alter |date=January 20, 2014 |work=Time |
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|url=http://business.time.com/2014/01/20/russian-teen-suspected-as-author-of-target-hacking-code/ |
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|accessdate=2014-01-27}}</ref> The teen denied the allegation.<ref name="pcworld side job">{{cite web|url=http://www.pcworld.com/article/2090100/targetrelated-malware-was-a-side-job-for-man-living-in-russia.html |title=Target-related malware was a side job for man living in Russia |publisher=PCWorld.com |date= |accessdate=2015-06-20}}</ref> |
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Later, a 23-year-old Russian, Rinat Shabayev, claimed to be the malware author.<ref name="pcworld side job"/><ref>{{cite news |
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|title=23-Year-old Russian Hacker confessed to be original author of BlackPOS Malware |
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|author=Mohit Kumar |publisher=The Hacker News |
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|date=January 21, 2014 |accessdate=2014-01-27 |
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|url=http://thehackernews.com/2014/01/23-year-old-russian-hacker-confessed-to.html}}</ref> |
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On January 29, 2014, a Target spokeswoman said that the individual(s) who hacked its customers' data had stolen credentials from a store vendor, but did not elaborate on which vendor or which credentials were taken.<ref>{{cite news |title=Target: Criminals Attacked With Credentials Stolen From Vendor |url=http://www.moneynews.com/StreetTalk/target-hackers-criminal-stolen/2014/01/29/id/549825 |date=January 30, 2014 |publisher=moneynews |accessdate=29 January 2014}}</ref> |
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As the fallout of the data breach continued, on March 6, 2014, Target announced the resignation of its Chief Information Officer and an overhaul of its information security practices. In a further step to restore faith in customers, the company advised that it will look externally for appointments to both the CIO role and a new Chief Compliance Officer role.<ref>{{cite news |title=Target announces technology overhaul, CIO departure |url=http://www.reuters.com/article/2014/03/05/us-target-security-idUSBREA241DE20140305 |date= March 6, 2014 |publisher=Reuters |accessdate=6 March 2014}}</ref> |
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On May 5, 2014, Target announced the resignation of its chief executive officer, [[Gregg Steinhafel]]. Analysts speculated that the data breach, as well as the financial losses caused by over-aggressive Canadian expansion, contributed to his departure.<ref>{{cite news |author=Hadley Malcolm |title=Target CEO out as data breach fallout goes on |url=http://www.usatoday.com/story/money/business/2014/05/05/target-ceo-steps-down/8713847/ |date=May 5, 2014 |work=USA Today |accessdate=5 May 2014}}</ref> |
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| ⚫ | |||
===Target=== |
===Target=== |
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[[File:Target Albemarle Rd Charlotte, NC (7579989322).jpg|200px|thumb|A typical Target store in [[Charlotte, North Carolina]].]] |
[[File:Target Albemarle Rd Charlotte, NC (7579989322).jpg|200px|thumb|A typical Target store in [[Charlotte, North Carolina]].]] |
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The first '''Target''' [[discount store]] opened in [[Roseville, Minnesota]] on May 1, 1962.<ref name="TargetThroughTheYears" |
The first '''Target''' [[discount store]] opened in [[Roseville, Minnesota]] on May 1, 1962.<ref name="TargetThroughTheYears"/> Present-day properties are roughly {{convert|135000|sqft}}, and sell general merchandise including [[:Category:Hardlines|hardlines]] and [[:Category:Softlines|softlines]].<ref name="UrbanShoppers">{{cite web|url=http://www.huffingtonpost.com/2012/07/18/target-citytarget-stores_n_1684484.html|title=Target Launches Smaller CityTarget Stores To Appeal To Urban Shoppers|publisher=The Huffington Post. AOL|date=July 18, 2012|accessdate=October 6, 2015}}</ref> While many Target stores follow a standard [[Big-box store|big-box]] architectural style,<ref>{{cite web|url=http://www.bizjournals.com/twincities/news/2015/12/23/target-s-2016-store-plan-urban-urban-and-more.html|title=Target’s 2016 store plan: urban, urban and more urban|newspaper=Minneapolis/St. Paul Business Journal|publisher=American Business Journals|date=December 23, 2015|accessdate=March 10, 2016}}</ref> the company has focused on "customizing each new store to ensure a locally-relevant experience [...] that best fit the surrounding neighborhood’s needs" since the 2010s.<ref>{{cite web|url=https://corporate.target.com/article/2015/08/flexible-format-stores-new-york|title=New Store, Big City: Target to Open in Queens, N.Y., in 2016|publisher=Target Corporation|date=August 26, 2015|accessdate=March 10, 2016}}</ref> Initially, only SuperTarget locations operated [[Starbucks|Starbucks Coffee]] counters, although they were integrated into general merchandise stores through their expanded partnership beginning in 2003.<ref>{{cite web|url=http://www.bizjournals.com/louisville/stories/2002/10/07/daily45.html|title=Target, Starbucks agree to add coffee shops to new Target stores|newspaper=Louisville Business First|publisher=American Business Journals|date=October 11, 2002|accessdate=March 10, 2016}}</ref> Several locations include Target Optical, Target Photo, and Target Pharmacy departments; the latter division was purchased by [[CVS Health]] in 2015, and began operating as [[Store-within-a-store|stores-within-stores]] under the [[CVS Pharmacy]] and [[MinuteClinic]] mastheads in February 2016.<ref>{{cite web|url=http://fortune.com/2016/02/03/cvs-target/|title=CVS Opens First Pharmacies Within Target Stores|last=Wanba|first=Phil|work=Fortune|publisher=Time, Inc.|date=February 3, 2016|accessdate=March 10, 2016}}</ref> |
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Target introduced the "PFresh" store prototype in 2009, which expanded their grocery selection in general merchandise locations by an upwards of 200-percent. Newly-constructed stores that follow the PFresh format are roughly {{convert|1500|sqft}} larger than properties without groceries, although retain the Target branding because their offerings are considerably more limited than SuperTarget. The company remodeled 109 stores accordingly in 2009, and renovated another 350 stores the following year.<ref>{{cite web|url=http://www.bizjournals.com/twincities/stories/2009/11/16/daily32.html|title=Target to add ‘PFresh’ grocery concept at 350 stores|newspaper=Minneapolis/St. Paul Business Journal|publisher=American Business Journals|date=November 18, 2009|accessdate=March 10, 2016}}</ref> The company's decision to close their garden centers opened floorspace for PFresh expansion and larger seasonal departments beginning in 2010.<ref>{{cite web|url=https://consumerist.com/2010/08/13/target-closing-all-remaining-garden-centers/|title=Target Closing All Remaining Garden Centers|last=Morran|first=Chris|publisher=Consumerist|date=August 13, 2010|accessdate=March 10, 2016}}</ref> |
Target introduced the "PFresh" store prototype in 2009, which expanded their grocery selection in general merchandise locations by an upwards of 200-percent. Newly-constructed stores that follow the PFresh format are roughly {{convert|1500|sqft}} larger than properties without groceries, although retain the Target branding because their offerings are considerably more limited than SuperTarget. The company remodeled 109 stores accordingly in 2009, and renovated another 350 stores the following year.<ref>{{cite web|url=http://www.bizjournals.com/twincities/stories/2009/11/16/daily32.html|title=Target to add ‘PFresh’ grocery concept at 350 stores|newspaper=Minneapolis/St. Paul Business Journal|publisher=American Business Journals|date=November 18, 2009|accessdate=March 10, 2016}}</ref> The company's decision to close their garden centers opened floorspace for PFresh expansion and larger seasonal departments beginning in 2010.<ref>{{cite web|url=https://consumerist.com/2010/08/13/target-closing-all-remaining-garden-centers/|title=Target Closing All Remaining Garden Centers|last=Morran|first=Chris|publisher=Consumerist|date=August 13, 2010|accessdate=March 10, 2016}}</ref> |
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Revision as of 18:03, 14 March 2016
.svg?lang=en){kind=logo} | |
.jpg?lang=en) A Target store in Lexington, Kentucky. | |
| NYSE: TGT (S&P 500 Component) | |
| Formerly |
|
| Company type | Public |
| Industry | Retail |
| Founded | 1902 Minneapolis, Minnesota, U.S. |
| Founder | George Dayton |
| Headquarters | Target Plaza North Target Plaza South 1000 Nicollet Mall, Minneapolis, Minnesota U.S. |
Number of locations | 1,793[1] (2015) |
Area served | United States |
Key people | Brian C. Cornell (Chairman and CEO) John Mulligan (EVP and COO) |
| Products | General merchandise |
| Revenue |  US$72.618 billion[2] (2015) |
 US$4.535 billion[3] (2015) | |
| US$ -1.636 billion[3] (2015) | |
| Total assets | US$41.404 billion[3] (2015) |
| Total equity | US$13.997 billion[3] (2015) |
Number of employees | 347,000 (2015) |
| Subsidiaries |
|
| Website | |
Target Corporation is the second-largest discount retailer in the United States, behind Walmart, and is a component of the S&P 500 Index.[4][5] Headquartered in Minneapolis, Minnesota, the company was founded as Goodfellow Dry Goods in 1902. The first Target store was opened in 1962; it became the largest division of the Dayton-Hudson Corporation, which was consequently renamed the Target Corporation in 2000.
As of 2015, Target operates 1,802 locations throughout the United States. Their retail formats include the discount store Target, the hypermarket SuperTarget, and "flexible format" stores previously named CityTarget and TargetExpress before being consolidated under the Target branding. Its Canadian subsidiary was established in March 2013 and operated 133 locations by the time it was shuttered in April 2015.[6][7][8] Wesfarmers began operating an Australian version of Target in 1973, although aside from naming rights, the American and Australian companies are unaffiliated.
History
George Draper Dayton started Goodfellow Dry Goods in 1902, changing its name to Dayton's Dry Goods Company in 1903 and shortening the moniker to The Dayton Company eight years later in 1911. Fifty-one years later, in 1962, the organization opened its first Target store in Roseville, Minnesota, modeled as a discount version of their department stores. In 1969, it expanded department store operations while merging with J.L. Hudson Company, thereafter named Dayton-Hudson Corporation. Following the union, two more retailers were purchased, Mervyn's in 1978 as well as Marshall Field & Company in 1990.[9]
Halfway through the 1970s, Target became the leading producer of revenue for the corporation, with annual sales reaching $1 billion right before the 1980s. The first Target Greatland store opened on September 30, 1990 in Apple Valley, Minnesota (taking its name from a popular Dayton's clothing line), providing a larger range of goods than their conventional stores. Halfway through the decade, SuperTarget, which included a photo studio, dining establishments, a pharmacy as well as grocery aisles was debuted. To end the century, the company changed its name to Target Corporation, divesting itself in 2004 of both Mervyn's and Marshall Field & Company. Eight years later, the corporation began its first CityTarget, catering to urban clientele in stores 65% smaller than their typical locations.[10]
On June 15, 2015, CVS Health announced an agreement to acquire Target's pharmacy and retail clinic businesses. The deal expanded CVS into new markets in Seattle, Denver, Portland and Salt Lake City. The acquisition includes more than 1,660 pharmacies in 47 states. CVS will operate them through a store-within-a-store format. Target's nearly 80 clinic locations will be rebranded as MinuteClinic, and CVS plans to open up to 20 new clinics in their stores within three years.[11]
Store formats
Target
.jpg?lang=en)
The first Target discount store opened in Roseville, Minnesota on May 1, 1962.[9] Present-day properties are roughly 135,000 square feet (12,500 m2), and sell general merchandise including hardlines and softlines.[12] While many Target stores follow a standard big-box architectural style,[13] the company has focused on "customizing each new store to ensure a locally-relevant experience [...] that best fit the surrounding neighborhood’s needs" since the 2010s.[14] Initially, only SuperTarget locations operated Starbucks Coffee counters, although they were integrated into general merchandise stores through their expanded partnership beginning in 2003.[15] Several locations include Target Optical, Target Photo, and Target Pharmacy departments; the latter division was purchased by CVS Health in 2015, and began operating as stores-within-stores under the CVS Pharmacy and MinuteClinic mastheads in February 2016.[16]
Target introduced the "PFresh" store prototype in 2009, which expanded their grocery selection in general merchandise locations by an upwards of 200-percent. Newly-constructed stores that follow the PFresh format are roughly 1,500 square feet (140 m2) larger than properties without groceries, although retain the Target branding because their offerings are considerably more limited than SuperTarget. The company remodeled 109 stores accordingly in 2009, and renovated another 350 stores the following year.[17] The company's decision to close their garden centers opened floorspace for PFresh expansion and larger seasonal departments beginning in 2010.[18]
SuperTarget
.jpg?lang=en)
The first Target Greatland location opened in Apple Valley, Minnesota in September 1990. They were about fifty-percent larger than traditional Target stores, and pioneered company standards including an increased number of checkout lanes and price scanners, larger aisles, expanded pharmacy and photography departments, and a food court.
The first SuperTarget hypermarket opened in Omaha, Nebraska in 1995, and expanded upon the Target Greatland concept with the inclusion of a full grocery department.[9] The company expanded their grocery assortment in 2003, and adopted the modified tagline "Eat Well. Pay Less." (in reference to their tagline "Expect More. Pay Less." in 2004.[9][19] In the early 2000s, 43 locations (of nearly 100) featured E-Trade trading stations, although they were all closed by June 2003 after E-Trade determined that "we were not able to make it into a profitable distribution channel."[20]
When comparing itself with rival Walmart Supercenter hypermarkets, then-chief executive Gregg Steinhafel opined that Walmart operates like "a grocer that happens to also sell general merchandise," where in contrast its less aggressive expansion of SuperTarget stores is indicative of their position that the grocery industry as a "high-impact, low-cost" side project.[19] The company operates 239 SuperTarget locations as of September 2015;[21] they each encompass an estimate of 174,000 square feet (16,200 m2).[22]
Flexible format Target
.jpg?lang=en)
While typical Target locations are approximately 135,000 square feet (12,500 m2), the majority of "flexible format" CityTarget stores are roughly 80,000 square feet (7,400 m2). The first stores were opened in July 2012, in Chicago, Los Angeles, and Seattle;[12] the 160,000 square feet (15,000 m2) location in Boston is the largest CityTarget, and opened in July 2015.[23] TargetExpress stores hover around 14,000 square feet (1,300 m2) to 21,000 square feet (2,000 m2); the first opened in Dinkytown near the University of Minnesota in July 2014.[24] Products in these flexible format properties are typically sold in smaller packages geared towards customers using public transportation; locations built in college communities often carry an extended home department of apartment and dormitory furnishings.[25] In August 2015, Target announced that it would rename its nine CityTarget and five TargetExpress stores as Target beginning that October, deciding that "Big or small, our stores have one thing in common: They're all Target."[23] The first flexible format stores under the unified naming scheme opened later that month in Chicago, Rosslyn, San Diego, and San Francisco.[26]
Subsidiaries
Financial and Retail Services
Financial and Retail Services (FRS) formerly Target Financial Services (TFS): issues Target's credit cards, known as the Target REDcard (formerly the Target Guest Card), issued through Target National Bank (formerly Retailers National Bank) for consumers and through Target Bank for businesses. Target Financial Services also oversees GiftCard balances. Target launched its PIN-based debit card, the Target Check Card, which was later re-branded the Target Debit Card. The Target Debit Card withdraws funds from the customer's existing checking account, and allows for up to $40 "cash back." The debit card allows customers to save five percent of each purchase, as well as designate a school for Target's Take Charge of Education program, and accumulate pharmacy rewards.
Target Sourcing Services
Target Sourcing Services (TSS): This global sourcing organization locates merchandise from around the world for Target and helps import the merchandise to the United States. Such merchandise include garments, furniture, bedding, and towels. TSS has 27 full-service offices, 48 quality-control offices, and seven concessionaires located throughout the world. TSS employs 1,200 people. Its engineers are responsible for evaluating the factories that do business with Target Corporation for quality, as well as labor rights and transshipment issues.[27] TSS was acquired by Target Corporation in 1998, was founded in 1916 as the Associated Merchandising Corporation, and was previously owned by the clients it served.[citation needed] Target Sourcing Services ceased operations in its department store group, the division of the former Associated Merchandising Corporation that acted as a buying office for Saks, Inc., Bloomingdale's, Stage Stores Inc., T.J.Maxx, and Marshalls.[28]
Private label brands
Target Brands: owns and oversees the company's private label products, including the grocery brands Archer Farms, Market Pantry, and Simply Balanced; Sutton & Dodge, their premium meat line; Room Essentials, their home goods line; Threshold, their premium furniture line; and the electronics brand Trutech. Target issued a re-launch of the Target brand as "up & up" to include an expanded product selection and a new design. The up & up brand offers essential commodities including household, health care, beauty, baby, and personal care products. The brand claims to offer products of equal quality to national brands at a fraction of the cost, averaging a savings of 30 percent.[29] As of September 2009, up & up carries over 800 product offerings across 40 categories.[30] In addition, Bullseye Dog is a mascot, and the Bullseye Design and 'Target' are registered trademarks of Target Brands.
Website
Target.com: owns and oversees the company's e-commerce initiatives, such as the Target.com domain. Founded in early 2000 as target.direct, it was formed by separating the company's existing e-commerce operations from its retailing division, and combining it with its Rivertown Trading direct marketing unit into a stand-alone subsidiary.[31] In 2002, target.direct and Amazon.com's subsidiary Amazon Enterprise Solutions created a partnership in which Amazon.com would provide order fulfillment and guest services for Target.com in exchange for fixed and variable fees. After the company sold Marshall Field's and Mervyn's in 2004, target.direct became Target.com. The domain target.com attracted at least 288 million visitors annually by 2008, according to a Compete.com survey.[32] In August 2009, Target announced that they would build and manage a new Target.com platform, independent of Amazon.com. This new platform was to launch in 2011, in advance of the holiday season. Prior to the announcement, Target and Amazon had extended their partnership until 2011.[33] In January 2010, Target announced their vendor partners for the re-platforming project. These partners include Sapient, IBM, Oracle, Endeca, Autonomy, Sterling Commerce and Huge, among others.[34] The re-platformed Target.com officially launched on August 23, 2011, effectively ending the partnership with Amazon.com.[35]
Distribution centers
As of January 2010[update], Target Corporation operated 37 distribution centers across the United States.[36] Target opened three new distribution centers in 2006 (Rialto, California, DeKalb, Illinois) and one in 2009 (Newton, North Carolina) to support the growth of its stores. With the exception of vendor supplied items, such as greeting cards and soda, these distribution centers ship items directly to Target stores. Also, unlike Walmart, Target's grocery selection does not come from their own distribution centers, but from the companies with whom Target has partnered.[37]
The retail chain's first distribution center opened in Fridley, Minnesota, in 1969. It included a computerized distribution system and was known as the Northern Distribution Center. During this time, the chain consisted of seventeen stores after having expanded into Oklahoma and Texas.[38]
On August 9, 2004, Target announced to their suppliers that they were going to perform a trial on the effects of radio-frequency identification on the efficiency of supply chain management in the Dallas–Fort Worth metroplex. This trial involved one Target distribution center and ten nearby Target stores. Here, RFID tags would be placed on the bar codes of pallets and cartons to track the goods from the suppliers to the distribution center, and from the distribution center to the stores.[39] As of 2009, RFID had been phased out of the Dallas–Fort Worth stores.
On January 27, 2009, Target announced the closing of its distribution center in Maumelle, Arkansas, the second-oldest in the company. The reason cited was the need to ensure that Target remains competitive in the long-term.[40]
SuperTarget and PFresh stores require fresh produce, refrigerated and frozen items. Food distribution centers owned by SuperValu have been utilized by Target for many years. In October 2003, SuperValu's facility in Phoenix, Arizona, was converted to serve Target exclusively.[41] The same change was implemented at the SuperValu center in Fort Worth, Texas.[42] A new distribution center was constructed by Target in Lake City, Florida, to serve the Southeast, but it is operated by SuperValu.[41] A fourth center in Cedar Falls, Iowa, opened in 2009 and is unique in that it is located adjacent to a standard Target Distribution Center, each utilizing the same dispatch office.[42] Other warehouses owned by SuperValu are still used in other regions, but Target plans to replace those over the next few years.[41] In Colorado, stores are serviced through FreshPack Produce Inc. of Denver.[37] In the mid-Atlantic region/Philadelphia market, C&S Wholesale Grocers services the fresh produce, meat, dairy, bakery, & frozen needs to "PFresh" stores.
The company operates four facilities to receive shipments from overseas manufacturers and suppliers. They are located near ports at Rialto, California; Savannah, Georgia; Lacey, Washington; and Suffolk, Virginia. Merchandise received is sent directly to Regional Distribution Centers. Internet sales orders from the Target Direct division, which operates from the Target.com website, are processed by the facility in Woodbury, Minnesota, with some support from Savannah, Georgia, and other vendors. New centers opened in Ontario, California, and Tucson, Arizona, in 2009.[42]
Corporate affairs
Headquarters
Target Corporation has its headquarters on Nicollet Mall in Minneapolis,[45] near the site of the original Goodfellows store.[citation needed] The complex includes Target Plaza North and Target Plaza South. Ryan Companies developed the complex, and Ellerbe Becket served as the architect. Target had the approximately $260-million complex developed to provide one location of office space for 6,000 employees. The 14-story Target Plaza North has 600,000 square feet (56,000 m2) of office and retail space, while the 32-story Target Plaza South has 1,250,000 square feet (116,000 m2) of space.[46]
Brian Cornell is the CEO of Target Corporation. In January 2016 Cornell began making home visits in an effort to understand better the needs and desires of his customers.[47] In January 2016, Target fired Tina Tyler from her job as chief stores officer. She was replaced with long-time employee Janna Potts.[48]
Diversity
The company states that "individuality may include a wide spectrum of attributes such as personal style, age, race, gender, ethnicity, sexual orientation, language, physical ability, religion, family, citizenship status, socio-economic circumstances, education, and life experiences."[49]
The Target employee diversity initiative is called "All Together Target".[50] It specifically seeks to work with vendors and contractors that are owned by minorities or women.[51]
In February 2012 the company extended the team member discount to same-sex partners of employees. It had received a 100 on the Human Rights Campaign Corporate Equality Index Score, prior to donating funds to Minnesota Forward.[52] In addition, Target Corporation was named one of the "100 Best Companies for Working Mothers" in 2004 by Working Mother.[53]
The National Association for the Advancement of Colored People has repeatedly given Target failing grades on its annual Economic Reciprocity Initiative report card, a measure of the company's "commitment to the African-American citizenry". In 2003 and 2005, the NAACP has rated Target an "F" on this report; in 2004, Target was rated a "D-".[54][55][56] In 2006, when Target was asked why it didn't participate in the survey again,[57] a representative explained, "Target views diversity as being inclusive of all people from all different backgrounds, not just one group."[58]
In February 2006 the National Federation of the Blind (NFB) filed a class action discrimination lawsuit in Northern California's Alameda County Superior Court, claiming that Target's commercial website contains "thousands of access barriers that make it difficult, if not impossible, for blind customers to use."[59] Target Corporation settled the lawsuit in October 2008, paying $6 million and agreeing to work with the NFB over the next three years improving the usability of the Target.com site.[60]
On August 24, 2009, the United States Equal Employment Opportunity Commission (EEOC) filed a discrimination lawsuit against Target Corporation for unlawfully denying reasonable accommodation to an employee with multiple disability-based impairments and substantially reducing his work hours due to the medical conditions.[61] According to the claims in the EEOC press release, Target's actions violated Title I of the Americans With Disabilities Act (ADA) and Title I of the Civil Rights Act of 1991.[62]
Philanthropy
Target Corporation is consistently ranked as one of the most philanthropic companies in the US. It ranked No. 22 in Fortune magazine's "World's Most Admired Companies" for 2010, largely in part to the donation efforts of the company as a whole.[63] According to a November 2005 Forbes article, it ranked as the highest cash-giving company in America in percentage of income given (2.1%).[64] Target donates around 5 percent of its pre-tax operating profit; it gives over $3 million a week (up from $2 million in years prior) to the communities in which it operates. It also gives a percentage of charges from its Target Visa to schools designated by the cardholders. To date, Target has given over $150 million to schools across the United States through this program.
Further evidence of Target's philanthropy can be found in the Target House complex in Memphis, Tennessee, a long-term housing solution for families of patients at the city's St. Jude Children's Research Hospital. The corporation led the way with more than $27 million in donations, which made available 96 fully furnished apartments for families needing to stay at St. Jude over 90 days.
Target has a no-solicitation rule at its properties, as it seeks to provide a "distraction-free shopping experience for its guests." Exemptions to this policy were previously made for the Salvation Army red kettles and bell-ringers outside Target stores during the holidays through Christmas. In 2004, however, Target asked the organization to explore alternate methods to partner with Target. Target donates to local Salvation Army chapters through its grant program and annually to the United Way of America (the Salvation Army is a member of the United Way coalition).
In 2005, Target and the Salvation Army[65] created a joint effort called "The Target/Salvation Army Wish List", where online shoppers could donate goods to the organization for hurricane victims by buying them directly from Target.com between November 25, 2005, and January 25, 2006. In 2006, they created another joint effort called "The Target/Salvation Army Angel Giving Tree",[66] which is an online version of the Salvation Army's Angel Tree program;[67] in addition to donating proceeds made from the sales of limited edition Harvey Lewis angel ornaments within Target's stores. During the Thanksgiving holiday of 2006, Target and the Salvation Army partnered with magician David Blaine to send several families on a shopping spree the morning of Black Friday. The challenge held that if Blaine could successfully work his way out of a spinning gyroscope by the morning of Black Friday, then several families would receive $500 shopping certificates. The challenge was completed successfully by Blaine.[68]
During disasters, Target has been a major benefactor for relief efforts. Target provided monetary and product donations during the September 11 attacks; it also donated money for relief efforts for the 2004 tsunami in South Asia and donated $1.5 million (US) to the American Red Cross in the aftermath of Hurricane Katrina in 2005. It also allowed its store properties in the affected area to be used as command centers for relief organizations and donated supplies such as water and bug spray.
Target will often donate its unused, returned or seasonal merchandise (particularly clothing) to Goodwill Industries.
Environmental record
In 2007, Target Corporation agreed to reduce their sales on all materials containing polyvinyl chloride (PVC).[69] Testers found toxic lead and phthalates and large amounts of PVC in toys, lunchboxes, baby bibs, jewelry, garden hoses, mini blinds, Christmas trees, and electronics.[69] Several studies have shown that chemicals in vinyl chloride can cause serious health problems for children and adults.[69] The University of Illinois Medical Center in Chicago states that people who use products containing PVC can become exposed with harmful toxic phthalates and lead, which eventually can become a big contributor with dioxins.[69] Lois Gibbs, executive director of the Center for Health, Environment and Justice, stated, "Target is doing the right thing by moving away from PVC and switching to safer alternatives."[69] Other companies reducing the PVC on their shelves include Walmart, Microsoft, Johnson & Johnson, Nike, and Apple.[69] Target stores have been taking environmental measures by reusing materials within their stores and recycling products such as broken hangers, cardboard, and rechargeable batteries.[70] Target is beginning to reduce energy use with energy-efficient storefronts, and reducing waste with recycling programs.[71] All Target stores in the United States use plastic carts with metal frames. In mid-2006, Target took it a step further when it began introducing a newer cart design made entirely of plastic. It also uses the same design in its hand-use baskets.[72]
Target released a 13-page report in 2007 that outlined their current and future plans for becoming more earth-friendly according to LEED. Such efforts include installing sand filtration systems for the stores' wastewater. Recycling programs will be aimed at garment hangers, corrugated cardboard, electronics, shopping carts, shrink wrap, construction wastes, carpeting and ceiling tiles and roofing materials. All stores in Oklahoma will be partnered with Oklahoma Gas & Electric to exclusively use wind power for all Target stores in order to reduce greenhouse gas emissions. Stores nationwide use only LED and fluorescent lights and low-flow restrooms that reduce waste water by 30%. Some Target stores are installing roof gardens or green roofs, which absorb storm water and cut down on surface runoff, mitigate temperature fluctuations and provide habitats for birds. There are currently four green-roof Target stores in Chicago.
Target carries over 700 organic and alternative products from brands such as Archer Farms, Burt's Bees, and Method Products. They also sell clothes made from organic cotton, non-toxic cleaners, low-energy lighting and electronics, non-toxic and non-animal tested cosmetics, and furniture made from recycled materials. As of June 2007[update], Target has been offering reusable shopping bags as an alternative to disposable plastic bags. Target gift cards are made from corn-based resins. All of the stores' packaging is done with a modified paperboard/clamshell option and has goals for phasing out plastic wrap completely.[73]
In collaboration with MBH Architects, Target's first "green" building was a 100,000+ square foot Target store built in 1995 in Fullerton, California. It was a part of the EPA Energy Star Showcase for its use of skylights that cut the original energy consumption by 24% with a 5-year payback.[74] Target and MBH Architects were awarded the "Green Lights Partner/Ally of the Year Award".[75]
Target is the only national retailer employing a Garment Hanger reuse program, which keeps millions of pounds of metal and plastic out of landfills. In 2007, this program prevented 434 million hangers from entering landfills.
On June 15, 2009, the California Attorney General and 20 California District Attorneys filed a lawsuit in Alameda County alleging that Target stores across the state have been illegally dumping hazardous wastes in landfills.[76]
On October 1, 2009, Target Corporation agreed to pay a $600,000 civil penalty for importing and selling a variety of toys with lead paint levels that were higher than is legally allowed. The Consumer Products Safety Commission alleged that "Target knowingly imported and sold the illegal Chinese-made toys between May 2006 and August 2007."[77] A similar problem occurred a few months later in February 2010, when Target pulled Valentine's Day "message bears" from its shelves at the request of the California attorney general's office. The bears, which were manufactured in China, contained more lead than is permissible under federal law for children under 12.[78]
A class action suit was filed in 2014 in the U.S. District Court for the Northern District of Ohio, on behalf of consumers in Ohio that purchased Target-brand wet wipes. The lawsuit filed against Target Corporation alleges the retailer mislead consumers by marking the packaging on its up & up® brand wipes as flushable and safe for sewer and septic systems. The lawsuit also alleges that so-called flushable wipes are a public health hazard because they are alleged to clog pumps at municipal waste-treatment facilities.[79]
Customer privacy
In December 2013, a data breach of Target's systems affected up to 110 million customers.[80][81] Compromised customer information included names, phone numbers, email and mailing addresses.[82] Target agreed to reimburse some costs incurred as a result of the breach to financial institutions, but has failed to reach a settlement with MasterCard over the resulting dispute.[83] In March 2015, Target reached a $10 million class-action settlement with affected customers.[84]
Corporate identity
Logo
97% of American consumers recognize the Target Bullseye logo.[citation needed]
-
Original Target logo (1962–74) -
Second Target logo (1975–2005) -
Third Target logo (2006–present) -
Original SuperTarget logo (1995–2005) -
Second SuperTarget logo (2006–present) -
CityTarget logo (2012–15) -
TargetExpress logo (2014–15)
.png?lang=en){kind=logo}
Differentiation from competitors
Target Corporation competes directly against other discount retailers, mainly Kmart and Walmart. Since its founding, it has intended to differentiate its stores from its competitors by offering what it believes is more upscale, trend-forward merchandise at lower costs, rather than the traditional concept of focusing on low-priced goods. Douglas J. Dayton, one of the Dayton brothers, explained John Geisse's concept:
"We will offer high-quality merchandise at low margins, because we are cutting expenses. We would much rather do this than trumpet dramatic price cuts on cheap merchandise."[38]
As a result, Target stores tend to attract younger customers than Walmart, among other competitors. The median Target shopper is 41, the youngest of all major discount retailers that Target competes directly against. The median household income of Target's customer base is roughly $63,000. Roughly 76% of Target customers are female, and more than 45% have children at home. About 80% have attended college and 48% have completed college.[85][86]
In October 2008, Target announced plans to fight the perception that their products are more expensive than those of other discount retailers. It planned to add perishables to their inventory, cut back on discretionary items, and spend three-quarters of their marketing budget on advertising that emphasizes value and includes actual prices of items featured in ads. Target also planned to slow its expansion from about 100 stores a year down to 70 stores a year.[87][88][89]
Target stores are designed to be more attractive than large big-box stores by having wider aisles, drop ceilings, a more attractive presentation of merchandise, and generally cleaner fixtures. Special attention is given to the design of the store environment: graphics reinforce its advertising imagery, while shelves are dressed with contemporary signage, backdrops and liners, often printed on inexpensive material such as paper, corrugated and foam boards. Some stores, particularly those in the vicinity of major airports, have a bullseye painted on the roof that can be seen from above: the stores in Atlanta, Georgia near Hartsfield-Jackson Atlanta International Airport; Rosemont, Illinois, near O'Hare International Airport; Potomac Yard, Virginia, near Ronald Reagan Washington National Airport; College Point, New York (Queens), east of LaGuardia Airport; and Richfield, Minnesota, adjacent to Minneapolis–St. Paul International Airport are among such locations.[90] Target doesn't use music in its stores, nor does it promote items or services through its public address system.[citation needed]
Target stores do not sell firearms. In the early 1990s, they ceased sales of toy guns that looked realistic and limited its toy gun selection to ones that were brightly colored and oddly shaped. In 2014, Target also "respectfully" asked their guests to leave any firearms at home when visiting the store.[91] They do not sell tobacco products and have not sold cigarettes since 1996.[92] This is a key point of differentiation with Target's chief competitor Walmart, which offers firearms and tobacco at many stores.[citation needed]
Targét
Some people jokingly give Target the pseudo-French pronunciation /tɑːrˈʒeɪ/ tar-ZHAY, as though it were an upscale boutique. This trend is incorrectly believed to have been started by Oprah Winfrey, when she used the French pronunciation to refer to the store on her television show, but has actually been traced back to 1962, the year the first Target store opened. Target once sold a line of shoes called "Ms Targe"[93] this was reinforced by a 1980s television advertisement starring Didi Conn. This pronunciation has also led some people to incorrectly believe that the company is French-owned.[37] In recognition of the nickname's popularity and cachet, Target Corporation licensed its name and logo to Brand Central LLC in 2006, complete with accent over the letter "E", which, however, would be inaccurate and unnecessary according to French spelling rules, for a new line of clothing intended for more up-scale fashion customers. The line, "Targét Couture", was originally sold at Los Angeles-based store Intuition, which deals with high-end brands.[94][95]
Nomenclature
Target uses a practice that was derived in 1989 from The Walt Disney Company[37] by calling its customers "Guests", its employees "Team Members", and its supervisors "Team Leaders". Also, managers are known as "Executive Team Leaders (ETLs)" and the Store Manager is known as the "Store Team Leader (STL)". Further up the "chain of command" are "District Team Leaders (DTL)", "Group Team Leaders (GTL)", Regional Team Leaders (RTL) (sometimes also Regional Vice President), and finally corporate-level executives.
Product lines and partnerships
Target has many exclusive deals with various designers and name brands, including architect Michael Graves; athletic wear company Converse; Italian fashion label Fiorucci; fashion designers Liz Lange, Mossimo Giannulli, and Isaac Mizrahi, among others. To further increase their fashion profile, Target also created its fashion-forward Go International line, which hires famous designers to design collections available only for a few months.[96]
Target, after hiring architect Michael Graves to design the scaffolding used to renovate the Washington Monument and contributing $6 million USD to the restoration plan, introduced its first designer line of products in 1999, the Michael Graves Collection of housewares and home decor products.[96] Walmart and Kmart have followed Target's lead by signing exclusive designers to their stores as well. Target also partners with well-established national brands to create exclusive collections for its stores.[96]
Target also signed an exclusive deal with Food Network to sell DVDs of TV shows featuring popular chefs such as Alton Brown, Paula Deen, and Rachael Ray.[when?][citation needed]
In 2005, Target introduced a major revision of prescription bottles, which it calls the ClearRx system. The redesigned bottles are color-coded, flattened-out and turned upside down, providing more room for the label. This system was based on the patent[97] by student Deborah Adler and was named one of TIME's "Most Amazing Inventions of 2005".[98]
In July 2006, Target started selling two-tone pink edition Apple iPods through a partnership with Colorware.[citation needed]
Sometimes manufacturers will create red-colored items exclusively for Target. In 2002, Nintendo produced a red special edition variant of the Game Boy Advance, which featured the Target logo above the screen.[99]
In 2005, IFC began a partnership with Target to promote a selection of independent films, both in Target stores and on IFC Monday nights at 9:00 pm Eastern. Originally titled IFC Cinema Red, the promotion was rebranded on air as The Spotlight in 2007. The in-store headers refer to the selected titles as IFC Indies – Independent films chosen for Target by the Independent Film Channel.[100]
In 2015, Target began to enforce gender neutrality in its marketing of toys, and no longer explicitly listed specific toys as being for "boys" or "girls". This practice was expanded with the February 2016 launch of a new children's decor line, Pillowfort, which will replace its Circa brand and feature more gender-neutral designs and color schemes.[101]
Gift cards
The Target GiftCard is the retailing division's stored-value card or gift card. Target sells more gift cards than any other retailer in the United States and is one of the top sellers, by dollars and units, in the world.[102] The unique designs of their cards contribute to their higher sales, as well as Target's policy of no expiration dates or service fees.[103] Past and current designs include lenticular, "scratch and sniff" (such as peppermint during the Christmas season), glow in the dark, LED light-up, a gift card on the side of a bubble blower, a gift card that can function as a CD-ROM, and even a giftcard that allows the sender to record a voice message. A current environmentally friendly giftcard is made from bioplastic manufactured from corn.[104] Target rolled out a new MP3 player giftcard for the 2006 holiday season. It holds 12 songs and must be purchased with an initial value of at least $50.
Beginning in January 2010, Target Stores rolled out Mobile GiftCards, through which one can produce a GiftCard barcode on any web-capable cell phone. This data matrix barcode can be scanned at a Target POS like any physical card barcode, and balances can be stored, retrieved, and gifted with the convenience of a cell phone.[citation needed]
Some of these unique design ideas are patented, and these patents are assigned to the Target Brands subsidiary. For example, some such Target GiftCard designs feature a wooden front side. On May 24, 2005, the United States Patent and Trademark Office granted U.S. patent D505,450 for the "ornamental design for a credit or stored value card with wood layer" to inventors Amy L. Lauer and John D. Mayhew.[105] U.S. patent 7004398, for the "stored-value card assembly including a stored-value card, an edible product, and a wrapper", was granted to Michael R. Francis and Barry C. Brooks on February 28, 2006.[106] Both patents have been assigned by their inventors to Target Brands, Inc.
Target GiftCards are also collectors items. Some of the first gift cards issued are valued at over $300 (even though the card doesn't have any money on it). Every year Target introduces new Holiday GiftCards. In 2007, Target's Holiday GiftCards featured a wind-up flashlight, a musical gift card, a gift card that lights up, and a scented gift card.
Target Forensic Services
In 2006, The Washington Post revealed that Target is operating two sophisticated criminal forensics laboratories, one at its headquarters and the other in Las Vegas.[107] Originally, the lab was created with the role of investigating internal instances of theft and fraud and other criminal actions that have occurred on its own properties. Eventually, the company began offering pro bono services to law enforcement agencies across the country. Target's Forensic Services has assisted agencies at all levels of government, including federal agencies such as the United States Secret Service, Bureau of Alcohol, Tobacco, Firearms and Explosives and the Federal Bureau of Investigation. The labs have become such a popular resource for law enforcement that Target has had to restrict its assistance to violent felonies.[108][109]
Animal welfare concerns
In 2011, Mercy for Animals, a non-profit organization dedicated to preventing cruelty to farmed animals and promoting compassionate food choices and policies, uncovered animal abuse at a Target egg supplier.[110]
Hidden-camera footage shot at Sparboe Farms—a significant egg supplier to Target, McDonald's, Sam's Club, SuperValu, and Hy-Vee—revealed hens crammed into filthy wire cages, unable to fully stretch their wings or engage in most other natural behaviors. The investigator documented workers burning off the beaks of chicks without painkillers, torturing animals, and throwing live birds into plastic bags and leaving them to suffocate. Dead hens were left to rot alongside birds who were still laying eggs for human consumption. [citation needed]
Notes:
The investigation received international media attention, airing first on ABC's Good Morning America,[111] World News Tonight with Diane Sawyer,[112] and 20/20.[113] As a result of the investigation and the public outcry that followed, Target immediately discontinued its relationship with the company.[114][115][116]
In January 2016 Target Corp. announced that it will discontinue the use of eggs from caged hens, becoming entirely cage-free by the year 2025.[117]
Major sponsorships
 | This section needs additional citations for verification. (December 2013) |
Target owns the naming rights to the Target Center and Target Field in Minneapolis. It also is a long-time sponsor of the IndyCar and NASCAR racing teams of Chip Ganassi Racing.[citation needed] Target's relationship with Ganassi in IndyCar go back to 1990, sponsoring Eddie Cheever, and some of their most famous drivers in the 1990s include Arie Luyendyk, Michael Andretti and Bryan Herta. In the late 1990s, Target Chip Ganassi Racing had a four-year run of winning championships in CART, winning 1996 with Jimmy Vasser, 1997 and 1998 with Alex Zanardi, and 1999 with Juan Pablo Montoya.[citation needed] Ganassi won their first Indianapolis 500 in 2000. The team moved full-time into the rival Indy Racing League in 2003,[citation needed] and won in its first year of full-time competition, with Scott Dixon. Dixon won the championship again in 2008. The 2009 season marked the 20th anniversary of the Target race program. Franchitti won his second career IndyCar championship, and with Scott Dixon finishing second, gave Target a one-two sweep in the IndyCar Series. Dixon and Franchitti won 10 of 17 races (Dixon-5, Franchitti-5) and tied the team record from 1998 where Alex Zanardi and Jimmy Vasser combined to win 10 in the 19-race 1998 CART season. In 2010, Franchitti won the Indianapolis 500. He also won the series championship for the Target team, by five points over second-place finisher Will Power.[citation needed]
Target started sponsoring stock cars in 2001 with Sterling Marlin, when Chip Ganassi bought into the Felix Sabates stock car team.[citation needed] In the 2002 NASCAR Winston Cup Series season, the No. 41 Chip Ganassi Target car was driven by Jimmy Spencer, and from 2003 to 2005, Casey Mears drove the car. In 2006, Reed Sorenson took over the No. 41 when Mears moved to a different Chip Ganassi car on the same team. Sorenson drove the car through the 2008 season, and Target has also had some major sponsorship time on the Ganassi Racing No. 40 car with Dario Franchitti and Jeremy Mayfield who subbed for the injured Franchitti. The 40 team has since been shut down. For 2009, the Target sponsorship moved to the No. 42 driven by Juan Pablo Montoya with the newly formed Earnhardt Ganassi Racing.[citation needed] Target also sponsored Earnhardt Ganassi Racing's No. 8 car driven by Aric Almirola, which it co-sponsors in some races with other sponsors such as Guitar Hero and TomTom until the team was disbanded in May 2009. Kyle Larson took over the No. 42 in 2014, and Target sponsored the No. 51 of Phoenix Racing for Larson's Sprint Cup Series debut.[118]
The Target Chip Ganassi[119] car driven by Dario Franchitti won the 94th running of the Indianapolis 500 on Sunday May 30, 2010.[120]
Target Corporation is a major sponsor of the annual Minneapolis Aquatennial, where it hosts the Target Fireworks Show. It is the largest annual fireworks show west of the Mississippi River, and the fourth largest annual fireworks show in the United States.[121]
Target also sponsors the Museum of Modern Art in New York City. It hosts Target Free Friday Nights, providing to all visitors free admission to the museum during Fridays after 4 pm.[citation needed] The company also hosts Target First Saturdays at the Brooklyn Museum. A similar Target-sponsored program at the Los Angeles County Museum of Art called "Free after Five" provides free admission in the evening throughout the week. Tuesdays are free at the Museum of Contemporary Art in Chicago, courtesy of Target. In its hometown of Minneapolis, Target sponsors the Target Free Thursday Nights at the Walker Art Center, where admission is free after 4 pm as well, as in its sister-city Saint Paul, hosting "Target Third Free Sundays" at the Minnesota Children's Museum. In Boston, Target sponsors $1 Friday Nights at the Boston Children's Museum from 5:00 to 9:00 pm.[citation needed] Target also supports the Target Wing at the Minneapolis Institute of Art.
Target is the founding sponsor of the Weekend America radio program. Target often supports major awards shows such as the Oscars, Emmys, Grammys, and the Golden Globes. In the past,[vague] it has participated in the Tournament of Roses Parade with a corporate float.[citation needed]
Target was a sponsor of the Times Square 2006–2007 New Year's Ball Drop and had its logo placed on the confetti dropped during the celebrations as well as specially designed "2007" glasses.[122]
See also
References
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{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "A Very Confetti New Year's". Time. January 2, 2007.
Bibliography
- Leebrick, Kristal (2013). Dayton's: A Twin Cities Institution.
- Rowley, Laura (2003). On Target: How the World's Hottest Retailer Hit a Bull's-Eye. Hoboken, New Jersey: John Wiley & Sons. ISBN 978-0-471-25067-8.
External links
- Official website retailing website
- Growth of Target, 1962–2008
- Political contributions and lobbying from the National Institute on Money in State Politics
| International | |
|---|---|
| National | |
| Other | |
- Target Corporation
- Companies based in Minneapolis, Minnesota
- Companies established in 1902
- Companies listed on the New York Stock Exchange
- Publicly traded companies of the United States
- Retail companies of the United States
- 1902 establishments in Minnesota
- Superstores in the United States
- Discount stores of the United States
- Pharmacies of the United States