Target Industry Overview

Product and Industry Overview. The Target Corporation (NYSE: TGT) is in the retail industry and boasts multiple brands to support its customer’s needs (NYSE, 2017). The retail industry is composed of vendors selling end user products to consumers. The retail industry can be broken down into two main groups, hardlines such as appliances, electronics and furniture and softlines such as clothing and apparel (Investopedia, 2017). The retail industry also encompasses products offered from motor vehicles along with food and beverage. The retail industry is woven into the strength of the US economy. The retail industry directly and indirectly supports 42 million jobs and produces a labor income of $1.6 trillion and an impact in US GDP of $2.6 billion

But recently acquired a company called Grand Junction, that functions to link retailers and distributors to promote digital sales by increasing e-commerce (Bloomberg, 2017). This acquisition is in response to Amazon, the leader in online sales accounting for 34% US online sales and is expected to grow to over 50% of online sales by 2021 (Wahba, 2017). Target is placing a lot of emphasis on their operations and technology for their digital market place amassing an investment of $1.8 billion dollars to promote a seamless interface for its online customers (Wahba,

George Draper Dayton, a former banker, founded Goodfellows Dry Goods store in Minneapolis, Minnesota in 1902. Goodfellows became Dayton Corporation that in later years becomes the Target Corporation. Dayton’s personal ideologies, shape the Dayton Corporation creating a store legacy of dependable merchandise, giving to the community and fair business practices (Target, 2017). Dayton was a devote Presbyterian church goer and it was influential to the creation of this current global company. A fire destroyed the church that he went to and the congregation pressured him to buy a lot to build a new church. In the process of buying the new lot for the church, he ended up buying the Goodfellows Dry Goods store. Through Dayton’s connections as a banker and his tight control of the company produced a multimillion dollar company that gave millions to charity echoing throughout company as it continued to grow (Target Corporation, 2011). Due to this early success, Dayton Corp, expands and obtains a J.B. Hudson & Son a Minneapolis jeweler in 1929 (Target Corp, 2017). In 1938, George Dayton dies and Nelson Dayton, his son, becomes president. Nelson Dayton was president of Dayton Corporation until 1950 and was succeeded by his son Donald Dayton. In Nelson’s tenure, a retirement policy was instated 1944. In 1962, three discount stores were opened and named Target for budget sensitive customers (Target Corp, 2017). Dayton Corporation continued it’s exponential