Hardware Retailing

MAY 2017

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: http://hardwareretailing.epubxp.com/i/815244

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Page 85 of 224

May 2017 | HARDWARE RETAILING 79 Target T arget has a reputation: The big-box retailer with flair. The company's stores are destinations for parents picking up groceries, newly engaged couples adding bedsheets to wedding registries, college students looking for dorm decor and fashionistas eager to buy out celebrity-designed clothing lines. The first Target location opened in Roseville, Minnesota, in 1962—the same year Sam Walton launched Walmart, the largest big-box discounter in the world. Target's parent business, The Dayton Company, didn't race against Walmart to win at the lowest-price model, but distinguished itself as the upscale discount store. Today, Target has maintained its chic image while competing for customers in a contracting brick-and-mortar retail market. At the same time, the company is also finessing its reputation to overcome setbacks such as an extensive payment card data breach in 2013 and the rapid dissolution of Target Canada in 2015. To get past those obstacles and improve sales, the Minneapolis-based company announced in February that it is investing $7 billion to "support its plans, which include price reductions to get more people into stores," the Minneapolis Star Tribune reports. On the following pages, we will look at how Target grew from a single store to a big-box chain with more than 1,800 locations and a growing e-commerce presence. We will also highlight some of the company's latest initiatives and its current financial position, as well as hear from an expert about its future prospects. What We'll Cover 80 The History of Target 82 Timeline: 1962 to the Present 84 A Snapshot of Target 86 Target Today 92 SWOT Analysis 94 The Financials 96 Expert Perspective: Target's Future The information in this 360-degree overview was gathered by Hardware Retailing staff from a variety of resources that are attributed throughout.

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