Special Report Target

Starting as a small company with a goal to provide consumers with discounts on household items, Target has become a powerhouse retailer that offers convenient commerce solutions, unique and tailored shopping experiences and a large assortment of items at all locations.

History

The Dayton Company started in 1960 and was known as a discount store that focused on giving consumers a quality, unique shopping experience. In May of 1961, The Dayton Company announced its plans to create a new discount store chain. With the company’s new President, Douglas J. Dayton, the retailer was able to create a company with premium goods at discounted costs with 75 departments by combining the finest of the fashion and discount industries.

The Dayton Company and the newly formed discount store, Target, were separate chains and would operate independently. In 1962, the first Target was opened in Roseville, MN. Later that year, the company opened several more locations in St. Louis Park, Crystal and Duluth, MN.

In 1979, the company had reached $1 billion in annual sales, and by 1984 launched The Honors clothing line. The company has several other private labels, but The Honors was the first official owned brand by Target. According to officials, the primary objective of the brand was to set the company apart from other discount stores.

It wasn’t until 1994 that the company introduced the Target slogan known across the nation today: Expect More. Pay Less. A year later the company opened the first SuperTarget, which included various grocery items such as produce, dairy and meat in Omaha, NE.

In 1999, the company launched its e-commerce platform offering consumers the opportunity to shop online. Fourteen years later, Target introduced in-store pickup and same day or next day shipping. Consumers were able to shop online from more than 40,000 items and pick up their products within hours of ordering. This program re- flected Target’s ability to stay ahead of trends and meet consumers where they were to ensure their shopping needs were met.

In 2018, Target had expanded to all 50 states, with Vermont being the last one to join. Today, Target has 1,948 locations in the US, 51 supply chain facilities and one location globally.

Leadership

In 2014, Brian Cornwell was named CEO and new chairman of the Board of Directors, taking over for Gregg Steinhafel. At the time, Cornwell had more than 30 years of experience within the retail industry. He served as CEO of PepsiCo Americas Foods, President and CEO of Sam’s Club and CEO of Michaels Stores. “I am honored and humbled to join Target as the first CEO hired from outside the company,” said Cornell. “I am committed to empowering this talented team to realize its full potential, lead change and strengthen the love guests have for this brand. As we create the Target of tomorrow, I will focus on our current business performance in both the US and Canada and on how we accelerate our omnichannel transformation.”

Katie Boylan, current evp and Chief Communications Officer for Target, joined the company in 2011. Alongside this, Boylan serves on board for Second Harvest Heartland, a hunger relief organization. Before her roles at Target, Boylan was a Senior Vice President at Edelman and held various roles at Weber Shandwick and Burson Marsteller.

Brett Craig is Target’s evp and Chief Information Officer; he was appointed in 2022. Craig started at Target in 2008 and was Senior Vice President of Target’s digital team overseeing the site merchandising, digital solutions, product and user experience functions. Before that, he was Senior Vice President of Merchandising Capabilities and for 10 years, was part of Target’s technology team.

Recent News

The company had the opportunity to open 23 new locations last year, and according to the company, the new lo- cations helped set the company apart even further.

Target focused on location when it came to deciding where to open its recent stores. Target has generated a community-oriented feeling throughout its history and these neighborhood locations solidify the company’s dedication to community and unique, discounted shopping experiences.

According to Target, “Each new Target store fits into a community like a puzzle piece, filling its needs while fitting in with its vibe.”

For example, the company’s new store in Katy, TX is 150,000-squarefeet, which is 20 percent larger than the company’s average store. The location features a backroom fulfillment area that is also five times bigger than average, which the company has dedicated to online orders.

In an effort to continue providing convenience to consumers through incorporating various items into the company’s offerings, Target and Apple have continued to collaborate through their shop-in-shops to provide consumers with an entire assortment of Apple products at Target locations. The first Apple at Target shop-in-shops was launched in 2021, but today, the companies have grown their partnership by tripling the number of shop-in-shops.

“For years, Target has been a destination for Apple products,” said Jill Sando, evp and Chief Merchandising Officer at Target. “Now we are excited to deepen our collaboration with Apple so even more guests can access the exceptional Apple at Target shop-in-shop experience. Through Target Circle, our popular free-to-join loyalty program, we’re also giving our guests the opportunity to try services like Apple Fitness+ for free, and with no purchase required. Guests love the branded and immersive retail experiences we’re creating with Apple and other partners including Disney, Ulta Beauty and Levi’s. With this Apple expansion, we’re giving guests even more reasons to choose Target for all their shopping and tech service needs.”