Target Corporation (TGT) is an international general merchandise and grocery retailer founded in Minneapolis, Minnesota that works to ensure that the customer is provided with the opportunity to purchase a wide variety of goods such as household products, electronics, pharmacy, personal care products, grocery goods, clothing apparel, and sporting goods in order to achieve customer satisfaction at a discounted price in order to remain competitive within the industry. The primary goal for Target is to overcome their various competitors within the industry in order to generate profit through continuous innovation and delivering outstanding value at each Target location in order to be the preferred shopping destination amongst the customer. In
Target Corp. sells both items produced by other companies as well as sells items they have produced themselves. Target only sells the products they produce in their stores so they don’t have to worry about filling orders for other companies or be worried about demand from another company decrease. They are in control of their own supply and only have to worry about their own stores and the supply needed in house. While Target does produce some of their own goods, I would say their product or service is the shopping experience. Target Corp wants the consumers to choose them over all the other options there are out there that may offer similar products.
The Target Corporation as it is known today grew out of a small dry goods store that is known for giving back. Target grew in a retail research company that then expanded into a commercial business. Target had grown out of the Dayton-Hudson Corporation and became its biggest source of revenue. When the company was renamed to Target its focus was on helping the environment and education and making sure they were giving back. With this company in partial its main focus today has not changed and with it being one of the top retailers in the United States they can really make the difference.
Target Corporation (NYSE: TGT) today announced plans to open a new Health and Wellness Department (HWD), available in all stores by June 1, 2018. This pilot program will provide health related products and programs to registered customers at a discounted cost based on their income. According to CEO, Brian Cornell, “we are very proud of this announcement as it will provide positive approaches to healthcare and contribute to the overall wellbeing of the 1,828 communities Target serves. Parents will have the resources they need to care for their children and teach them the importance of health at a young age, with easy access and at a low cost.”
Target Corporation is the second largest discount store retailer in the United States following Walmart. Target provides high-quality, trendy merchandise at logical prices. As of today, Target has more than 1800 retail stores and 38 distribution centers in the United States. The first official store was opened in 1962 in Roseville Minnesota and have thrived every since. I will be analyzing Target’s financial statements and communicating the results to our decision makers (Target 2017).
After working in banking and real estate, native New Yorker, George D. Dayton decides to explore Midwest markets. Dayton notices Minneapolis offers some strongest opportunities for growth and so decides to purchase land on Nicollet Avenue and forms Dayton Dry Goods Company – today known as Target Corporation (“Target through the Years”). “Target Corporation is an upscale discount retailer that provides high-quality, on-trend merchandise at attractive prices in clean, spacious and customer friendly stores” (“Corporate Fact Sheet”). Today, target operates 1,829 stores in United States, which has enabled the company to grow to the top of the retail store market. It has implemented various techniques and strategies to constantly improve and ensure the effectiveness and efficiency of all operations (“Corporate Fact Sheet”).
Target Corporation makes money by offering quality products and services at discounted prices. It also ensures its stores have all the products that the consumers require. This way, they are able to target and meet the needs of their loyal customers. By helping the consumers cut expenses, the company also ensures that they keep coming back for more. The company sells its products across the United States through stores, online purchases and mobile devices (Rowley 2003).
Target is a business that is operating as a legal entity separate from any of their owners. Some of the advantages of a corporation such as Target and other corporations can include an unlimited lifespan for the company. However, when Target decided to do business in Canada, the company was not able to experience this advantage as they had to close all 133 stores after a couple of years into Canada. While entering into Canada, Target used these methods to get involved in international business. Target is a wholly-owned subsidiary, essentially meaning that an independent company is owned by a foreign parent company, considered as one of the higher risk ways for entering an international market.
Target Corporation experienced steady financial growth from 2006 through 2012. Its total revenues increased sharply by opening 118 new stores, including 33 Super Target stores. In 2008, Target reported a 41 percent decrease in fourth-quarter profits, ending this slide by January 2009. It attributed the loss to a drop in retail sales and an increase in credit card delinquency. Target’s 2010
In today’s data-driven retail landscape, organizations like Target are increasingly leveraging advanced analytics techniques to gain valuable insights and drive the overall business value. Target has emerged as a leader within the retail industry, catering to a wide demographic of consumers through the incorporation of diverse product offerings and an accessible shopping experience. In order to maintain its competitive advantage and enhance customer satisfaction, the company employs a strategic approach to analytics, leveraging descriptive, predictive, and prescriptive analytics to drive business value and informed decision-making. Descriptive analytics serves as a critical component of Target’s business strategy by offering invaluable insights
Target established itself as the highest-earning division of the Dayton-Hudson Corporation in the 1970s it began expanding the store nationwide in the 1980s, and introduced new store formats under the Target branding in the 1990s. The parent company was renamed the Target Corporation in 2000, and divested itself of its last department store chains in 2004. It suffered from a highly publicized security breach of customer data and the failure of its short-lived Canadian subsidiary in the early 2010s, although experienced revitalized success with its expansion in urban markets the United
Target is considered a chic retail store that offers stylish, high-quality merchandise at a reasonable price. Their motto is “Expect More-Pay Less”. The benefit of this company is that it operates online and in stores. They offer something for everybody, from food market to an electronic store. Another key company component is that they offer Target Financial services, which entails Target red and Target Visa card business.
4. Implementation Plan Target Corporation has an aggressive sales goal of 2-3% growth each year for the next five consecutive years. There are several strategies in place that will assist in meeting these sales goals. Target will be enhancing the guest experience through the retail, online and mobile channels.
Target Shares Its Holiday 2015 Plans Target has shared some of its plans for the 2015 holiday season and we like what we see. For starters, the retailer will offer free shipping (and returns), great deals on the year’s hottest gifts, and a brand-new marketing campaign called The Holiday Odyssey. Target’s CEO, Brian Cornell, is “confident that guests will find an easy, inspiring, and most importantly, seamless experience at Target no matter how they choose to shop.”
Target Corporation is one of the famous retail stores in the United States which is founded by George Dayton in 1902. Walmart is the main competitor to Target because these companies have similarities such as goods, services, business form, and customers. To compare Target to Walmart is logical because people can determine and analyze advantages and disadvantages in annual financial statement between Target and Walmart. Target and Walmart have different data on investment activities which are important to their companies. Investment activities are, uses necessary resources for operating of their companies which include computers, delivery trucks, furniture, buildings.
