Target Corporation Essay
The company that we know today as Target was founded under the name of Dayton Dry Goods Company in Minneapolis, Minn., in the year 1902 by Mr. George Dayton. Mr. Dayton stay active in the store management until his death in 1938, when his son and grandson took over of the Dayton Dry Goods Company and the growth to a nationwide retailer began with the business practice and generous spirit of giving that still today distinguish this company. In 1946 the company implemented the tradition that keeps them strong and recognized today: to give a 5 percent of profits a week back to the communities they serve, this has earned them today a spot in the list of most admired companies in the list of Fortune 500. In 1956, The Dayton Company opens South dale, the world’s first fully enclosed two-level shopping center. In 1962, The Dayton Company enters discount merchandising with the opening of its first Target store in Roseville, Minn. In 1967, Dayton Corporation goes public with its first offering of common stock. In 1970 for the first time, the corporation’s revenues top $1 billion. This is when Target Stores becomes the corporation’s largest revenue producer by the end of the decade. In 1983 the Dayton –Hudson retired from the board of directors ending 80 years of direct family involvement with the company. As of 2011 the CEO of Target Corporation is Gregg Steinhafel.
Product and Service
Among other things, Target stores carry clothing, shoes, jewelry, health and beauty products, electronics, compact discs, DVDs, bedding, kitchen supplies, sporting goods, toys, pet supplies, automotive supplies, and hardware supplies. Target has his own name brand product called They also carry seasonal merchandise such as patio furniture during the summer. Many stores, depending upon location, may also have Target Optical, Target Clinic, and a portrait studio. Most new locations built after 2004 include Target Photo, Target Pharmacy, Starbucks Coffee, Jamba Juice, and/or a Pizza Hut Express standard in addition to “Target Café”. Target is also one of the first groceries certified organic produce retailer in the country with more than 600 organic items available. Target also started to offer the Store Credit Card in 1995, and later in 2001 in also added the Target Visa Card. Also in 1995 Target became one of the first to offer gift registry service. The introduction of Club Wedd brought together the latest registry technology and about 125,000 couples registered in the first years. With the entering to market of credit card they also decided to enter the internet by opening their own website target.com in 1999, in which customers could also buy all the products offered in the stores for the same price.
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Target is recognized as a leader in innovation across the retail industry. From pioneering the concept of designer partnerships to consistently being best in class in store design, Target remains focused on not only meeting, but exceeding, its guests’ needs. To remain relevant to its guests over time, Target continually reinvents its stores, including layout, presentation and merchandise assortment, to create an engaging shopping
experience. Target is dedicated to providing guests with the right merchandise mix, from everyday commodities and grocery offerings to trend-right home and apparel lines. Target continues to reinforce its value position and commitment to low prices through differentiated marketing campaigns and owned brand product offerings References
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