Target Corporation
Target Corporation
From Wikipedia, the free encyclopedia
Target Corporation, doing business as Target, is an American retailing company headquartered in Minneapolis, Minnesota. It is the second-largest discount retailer in the United States, behind Walmart.[6][7] The company is ranked at number 33 on the Fortune 500 as of 2010 and is a component of the Standard & Poor's 500 index. Its bullseye trademark is licensed to Wesfarmers, owners of the separate Target Australia chain which is unrelated to Target Corporation.
The company was founded in 1902 in Minneapolis as the Dayton Dry Goods Company, though its first Target store was opened in 1962 in nearby Roseville, Minnesota. Target grew and eventually became the largest division of Dayton Hudson Corporation, culminating in the company being renamed as Target Corporation in August 2000. On January 13, 2011, Target announced its expansion into Canada. Target will operate 100 to 150 stores in Canada by 2013, through its purchase of leaseholds from the Canadian chain Zellers.
History
1902–1962: Dayton's
In 1876, George Dayton constructed a six-story building in downtown Minneapolis and convinced Reuben Simon Goodfellow Company to move its Goodfellows department store into the location. Goodfellow retired and sold his interest in the store to Dayton.[8] The store's name was changed to the Dayton Dry Goods Company in 1903, later being changed to the Dayton Company in 1911. In the 1950s, it acquired the Portland, Oregon-based Lipmans department store company and operated it as a separate division.[9] In 1956, the Dayton Company opened Southdale, the world's first fully enclosed two-level shopping center in the Minneapolis suburb of Edina, Minnesota.[10][verification needed]. The company became a retail chain with the opening of its second store in Southdale.
1962–1971: Founding of Target
Target's original bullseye logo, used from 1962 until 1968.
While working for the Dayton company, John F. Geisse developed the concept of upscale discount retailing, and became the founder of Target from concept to large discount chain. On May 1, 1962 the Dayton Company, using Geisse's concepts, opened its first Target discount store located at 1515 West County Road B in the Saint Paul suburb of Roseville, Minnesota. The name "Target" originated from Dayton's publicity director, Stewart K. Widdess, and was intended to prevent consumers from associating the new discount store chain with the department store. The new subsidiary, Target Stores, ended its first year with four units, all in Minnesota. Target Stores lost money in its initial years, but reported its first gain in 1965, with sales reaching $39 million, allowing a fifth store to open in Minneapolis. Bruce Dayton launched the B. Dalton Bookseller specialty chain in 1966, which became the largest hardcover bookseller in the United States.[8] The bookseller chain was named after the founder, but with the y in Dayton replaced with an l. Target Stores expanded outside of Minneapolis by opening two stores in Denver, Colorado and sales exceeded $60 million. In 1967, the Dayton Corporation was established and it went public with its first offering of common stock, and it opened two more Target stores in Minnesota resulting in a total of nine units.[11]
This SuperTarget in
Roseville, Minnesota sits on the site of the first Target store, which opened in 1962 and was torn down and replaced by this much larger store in 2005.
In 1968, Target changed its bullseye logo to a more modern look, and expanded into St. Louis, Missouri, with two new stores. That year, Target Stores experienced a transition phase: Target's president, Douglas J. Dayton, went back to the parent Dayton Corporation and was succeeded by William A. Hodder, and senior vice president and founder John F. Geisse left the company. He was later hired by St. Louis-based May Department Stores, where he founded the Venture Stores chain.[11] Target Stores ended the year with 11 units and $130 million in sales. In 1969, it acquired the Lechmere electronics and appliances chain that operated in New England, and expanded Target Stores into Texas and Oklahoma with six new units and its first distribution center in Fridley, Minnesota.[12] The Dayton Company also merged with the Detroit-based J.L. Hudson Company that year, to become the Dayton-Hudson Corporation consisting of Target and five major department store chains: Dayton's, Diamond's of Phoenix, Arizona, Hudson's, John A. Brown of Oklahoma City, Oklahoma, and Lipmans. In 1970, Target Stores added seven new units, including two units in Wisconsin, and the 24-unit chain reached $200 million in sales.[11] That year, Dayton-Hudson also acquired the Team Electronics specialty chain that was headed by Stephen L. Pistner.[13]
1971–1982: Turnaround
Target script used from 1974 through 2004. Changes from the original logo are that its
brandmark is a single red ring with a red dot in the middle,
[14] and its
wordmark uses the
Helvetica typeface.
[15]
In 1971, Dayton-Hudson acquired sixteen stores from the Arlan's department store chain in Colorado, Iowa, and Oklahoma. That year, two of those units reopened as Target stores, and in 1972 the other fourteen were reopened to make a total of 46 units. This caused the chain to experience another major transition phase: It reported its first decrease in profits since its initial years, as a result of the chain's rapid expansion and the top executives' lack of experience in discount retailing. Its loss in operational revenue was due to overstocking and carrying goods over multiple years regardless of inventory and storage costs. By then, Dayton Hudson considered selling off the Target Stores subsidiary. In 1973, Stephen Pistner, who had already revived Team Electronics and would later revive Montgomery Ward and Ames, was named chief executive officer of Target Stores, and Kenneth A. Macke was named Target Stores' senior vice president. The new management saved the chain by marking down merchandise to clean out its overstock and by allowing only one new unit to open that year. In 1975, it opened two stores, reaching 49 units in nine states and $511 million in sales. That year, the Target discount chain became the company's top revenue producer.[11]
In 1976, Target opened four new units and reached $600 million in sales. That year, Macke was promoted to president and chief executive officer of Target Stores. In 1977, Target Stores opened seven new units, and Stephen Pistner became president of Dayton Hudson, with Macke succeeding him as chairman and chief executive officer of Target Stores. The senior vice president of Dayton Hudson, Bruce G. Allbright, moved to Target Stores and succeeded Kenneth Macke as president. In 1978, the company acquired Mervyns and became the 7th largest retailer in the United States. Target Stores opened eight new stores that year, including its first shopping mall anchor store in Grand Forks, North Dakota. In 1979, it opened 13 new units to a total of 80 Target stores in eleven states and $1.12 billion in sales.[11] In 1980, it sold its Lipmans department store chain of six units to Marshall Field's, which rebranded the stores as Frederick & Nelson.[9] That year, Target Stores opened seventeen new units, including expansions into Tennessee and Kansas. It also acquired the Ayr-Way discount retail chain of 40 stores and one distribution center from Indianapolis-based L.S. Ayres & Company, which it reopened in 1981 as Target stores. That year, Stephen Pistner left the parent company to join Montgomery Ward, and Kenneth Macke succeeded him as president of Dayton Hudson.[17] Floyd Hall succeeded Kenneth Macke as chairman and chief executive officer of Target Stores. Bruce Allbright left the company to work for Woolworth, where he was named chairman and chief executive officer of Woolco. Bob Ulrich also became president and chief executive officer of Diamond's Department Stores in 1981.[18] In addition to the Ayr-Way acquisition, Target Stores expanded by opening fourteen new units and a third distribution center in Little Rock, Arkansas, to a total of 151 units and $2.05 billion in sales.[11]
1982–2000: Nationwide expansion
Since the launch of Target Stores to this point, it had focused its expansion in the Central United States. In 1982, it expanded into the West Coast of the United States by acquiring 33 FedMart stores in Arizona, California, and Texas and opening a fourth distribution center in Los Angeles.[19] That year, Bruce Allbright returned to Target Stores as its vice chairman and chief administrative officer, and the chain expanded to 167 units and $2.41 billion in sales. The 33 units acquired from FedMart were reopened as Target stores in 1983. Also in 1983, it founded the Plums off-price apparel specialty store chain with four units in the Los Angeles area, with an intended audience of middle-to-upper income women.
In 1984, it sold its Plums chain to Ross Stores after only 11 months of operation, and it sold its Diamond's and John A. Brown department store chains to Dillard's.[20][21][22] Meanwhile, Target Stores added nine new units to a total of 215 stores and $3.55 billion in sales. Floyd Hall left the company and Bruce Allbright succeeded him as chairman and chief executive officer of Target Stores. In May 1984, Bob Ulrich became president of the Dayton Hudson Department Store Division, and in December 1984 became president of Target Stores.[18]
In 1986, the company acquired 50 Gemco stores from Lucky Stores in California, allowing Target Stores to become the dominant retailer in Southern California as the chain grew to a total of 246 units. It also opened a fifth distribution center in Pueblo, Colorado. Dayton-Hudson sold the B. Dalton Bookseller chain of several hundred units to Barnes & Noble.[8] In 1987, the acquired Gemco units reopened as Target units, and Target Stores expanded into Michigan and Nevada, including six new units in Detroit, Michigan, to compete directly against Detroit-based Kmart, leading to a total of 317 units in 24 states and $5.3 billion in sales. Bruce Allbright became president of Dayton Hudson, and Bob Ulrich succeeded him as chairman and chief executive officer of Target Stores.[18] In 1988, Target Stores expanded into the Northwestern United States by opening eight units in Washington and three in Oregon, to a total of 341 units in 27 states. It also opened a distribution center in Sacramento, California, and replaced the existing distribution center in Indianapolis, Indiana, from the Ayr-Way acquisition with a new one.[11]
In 1989, it expanded by 60 units, especially in the Southeastern United States where it entered Florida, Georgia, North Carolina, and South Carolina to a total of 399 units in 30 states with $7.51 billion in sales.[11] This included an acquisition of 31 more stores from Federated Department Stores' Gold Circle and Richway chains in Florida, Georgia, and North Carolina, which were later reopened as Target stores.[19] It also sold its Lechmere chain that year to a group of investors including Berkshire Partners, a leveraged buy-out firm based in Boston, Massachusetts, eight Lechmere executives, and two local shopping mall executives.[12]
In 1990, it acquired Marshall Field's from BATUS Inc. and Target Stores opened its first Target Greatland general merchandise superstore in Apple Valley, Minnesota. In 1991, Target Stores had opened 43 Target Greatland units, and sales reached $9.01 billion. In 1992, it created a short-lived chain of apparel specialty stores called Everyday Hero with two stores in Minneapolis.[19] They attempted to compete against other apparel specialty stores such as GAP by offering private label apparel such as its Merona brand. In 1993, it created a chain of closeout stores called Smarts for liquidating clearance merchandise, such as private label apparel, that did not appeal to typical closeout chains that were only interested in national brands.[23] It operated four Smarts units out of former Target stores in Rancho Cucamonga, California, Des Moines, Iowa, El Paso, Texas, and Indianapolis, Indiana that each closed out merchandise in nearby distribution centers.[24] In 1994, Kenneth Macke left the company, and Bob Ulrich succeeded him as the new chairman of Dayton-Hudson.[13]
In 1995, Target Stores opened its first SuperTarget hypermarket in Omaha, Nebraska. It also closed the four Smarts units after only two years of operation.[24] Its store count increased to 670 with $15.7 billion in sales, and in 1996 to 736 units with $17.8 billion in sales.[25] In 1997, both of the Everyday Hero stores were closed.[26] Target's store count rose to 796 units, and sales rose to $20.2 billion.[25] In 1998, it acquired Greenspring Company's multi-catalog direct marketing unit, the Rivertown Trading Company, from Minnesota Communications Group, and it acquired the Associated Merchandising Corporation, an apparel supplier.[27][28] Target Stores grew to 851 units and $23.0 billion in sales.[25] In 1999, it acquired Fedco and its ten stores in a move to expand its SuperTarget operation into Southern California. It reopened six of these stores under the Target brand and sold the other four locations to Wal-Mart, Home Depot, and the Ontario Police Department, and its store count rose to 912 units in 44 states with sales reaching $26.0 billion.[25][29] On September 7, 1999, it relaunched its Target.com website as an e-commerce site and as part of its discount retail division. The site initially offered merchandise that differentiated its stores from its competitors, such as its Michael Graves brand.[30]
Map of Target stores in the US (click to enlarge)
2000–2011: Target Corporation
In January 2000, Dayton Hudson Corporation changed its name to Target Corporation and its ticker symbol to TGT; by then, between 75 percent and 80 percent of the corporation's total sales and earnings came from Target Stores, while the other four chains—Dayton's, Hudson's, Marshall Field's, and Mervyns—were used to fuel the growth of the discount chain, which expanded to 977 stores in 46 states and sales reached $29.7 billion by the end of the year. It also separated its e-commerce operations from its retailing division, and combined it with its Rivertown Trading unit into a stand-alone subsidiary called target.direct.[31] In 2001, it announced that its Dayton's and Hudson's stores would operate under the Marshall Field's brand, which was the most recognizable name in the Department Stores Division.
Target Stores expanded into Maine, reaching 1053 units in 47 states and $33.0 billion in sales.[25][32] Around the same time, the chain made a successful expansion into the Pittsburgh market, where Target capitalized on the collapse of Ames Department Stores that happened coincidentally at the same time as Target's expansion into the area. In 2002, it expanded to 1147 units, which included stores in San Leandro (Bayfair Mall), Fremont, and Hayward, California, and sales reached $37.4 billion, and in 2003 it reached 1225 units and $42.0 billion in sales.
On June 9, 2004, Target Corporation announced its sale of the Marshall Field's chain to St. Louis, Missouri-based May Department Stores, which would become effective July 31, 2004. As well, on July 21, 2004, Target Corporation announced the sale of Mervyns to an investment consortium including Sun Capital Partners, Inc., Cerberus Capital Management, L.P., Lubert-Adler/ Klaff and Partners, L.P., which was finalized September 2. Target Stores expanded to 1308 units and reached $46.8 billion USD in sales. In 2005, it reached 1397 units and $52.6 billion in sales, and in 2006 it expanded to 1488 units and sales reached $59.4 billion.[33]
In May 2005, Target began operation in Bangalore, India, and these operations currently support all Target business units.[34] In 2006, Target completed construction of the Robert J. Ulrich Center in Embassy Golf Links in Bangalore, and Target planned to continue its expansion into India with the construction of additional office space at the Mysore Corporate Campus and successfully opened a branch at Mysore[35]
On January 9, 2008, Bob Ulrich announced his plans to retire as CEO, and named Gregg Steinhafel as his successor. This is due to Target Corporation policy which requires its high ranking officers to retire at the age of 65. Ulrich's retirement as CEO was effective May 1, but he remained the chairman of the board until the end of the 2008 fiscal year.
On March 4, 2009, Target expanded outside of the continental United States for the first time. Two stores were opened simultaneously on the island of Oahu in Hawaii, along with two stores in Alaska. Despite the economic downturn, media reports indicated sizable crowds and brisk sales. The opening of the Hawaii stores leaves Vermont as the only state in which Target does not operate.
In August 2010 and "after a lengthy wind-down", Target began a nationwide closing of its remaining 262 garden centers, reportedly due to "stronger competition from home-improvement stores, Wal-Mart and independent garden centers. In addition,starting September 2010, numerous Target locations have added a fresh produce department to their store. "[36]
2011–present: Target Canada and City Target
On January 13, 2011, Target announced its first international expansion, into Canada, when it purchased the leaseholds for up to 220 stores of the Canadian sale chain Zellers, which is owned by the Hudson's Bay Company. The deal was announced to have been made for 1.8 billion dollars. For the moment, they will continue to operate as Zellers outlets until Target decides which sites it will renovate and rebrand under its name and logo. Target Corp. CEO Gregg Steinhafel has stated that 70% of Canadians were familiar with the brand and that 10% of Canadians had shopped at their stores in the past 12 months.[37] The company has also stated that the company wishes to provide Canadians with a "true Target-brand experience", hinting that its product selection in Canada could vary little from that found in its United States stores. Target Canada plans to have at least 100–150 stores opened in Canada by 2013 and 2014.[38]
The first City Target will open in 2012. City Target is the name for a downtown, smaller format Target store. The assortment will be edited towards urban living, but will carry many of the same products. The stores will still look and feel like Target but many will be multilevel stores in existing landmark buildings, not the usual strip mall or stand-alone locations. The first stores are set to open in Chicago, LA, New York & Seattle in mid-2012, with San Francisco to follow in October 2012, and Puerto Rico in 2013-2014.
Corporate affairs
Headquarters
Target Plaza South, a portion of the Target Corporation headquarters complex in downtown Minneapolis; the building features the Target Light System, created by
3M.
[39]
Today, Target Corporation has its headquarters on Nicollet Mall in Minneapolis,[40] near the site of the original Goodfellows store.[citation needed] The complex includes Target Plaza North and Target Plaza South. Ryan Companies developed the complex, and Ellerbe Becket served as the architect. Target had the approximately $260-million complex developed to provide one location of office space for 6,000 employees. The 14-story Target Plaza North has 600,000 square feet (56,000 m2) of office and retail space, while the 32-story Target Plaza South has 1,250,000 square feet (116,000 m2) of space.[41]
Subsidiaries
As well as the main retail subsidiary, Target Stores, the company owns several other subsidiaries, which include:
-
Financial and Retail Services (FRS) formerly Target Financial Services (TFS): issues Target's credit cards, known as the Target REDcard (formerly the Target Guest Card), issued through Target National Bank (formerly Retailers National Bank) for consumers and through Target Bank for businesses. Target Financial Services also oversees GiftCard balances. Target launched its PIN based debit card, the Target Check Card which was later re-branded the Target Debit Card. The Target Debit Card withdraws funds from the customer's existing checking account, and allows for up to $40 "cash back." The debit card allows customers to save five percent of each purchase, as well as designate a school for Target's Take Charge of Education program, and accumulate pharmacy rewards.
-
Target Sourcing Services (TSS): This global sourcing organization locates merchandise from around the world for Target and helps import the merchandise to the United States. Such merchandise include garments, furniture, bedding, and towels. TSS has 27 full-service offices, 48 quality-control offices, and seven concessionaires located throughout the world. TSS employs 1,200 people. Its engineers are responsible for evaluating the factories that do business with Target Corporation for quality, as well as labor rights and transshipment issues.[42] TSS was acquired by Target Corporation in 1998, was founded in 1916 as the Associated Merchandising Corporation, and was previously owned by the clients it served.[43] In 2009 Target Sourcing Services ceased operations in its department store group, the division of the former Associated Merchandising Corporation that acted as a buying office for Saks Incorporated, Bloomingdale's, Stage Stores Inc., TJ Maxx, and Marshalls.[28] Today's Target Sourcing Services locates merchandise exclusively for Target Stores and Target.com.
-
Target Commercial Interiors: provides design services and furniture for office space and originated in the home furniture department at Dayton’s.[44] Currently, Target Commercial Interiors has an unusually high market share of Fortune 500/1000 business customers, and are expanding to attract small to medium sized businesses, as well as home offices. This subsidiary has six showrooms in Illinois, Minnesota, and Wisconsin, including a first-of-its-kind retail concept store and showroom in Bloomington, Minnesota that opened on June 23, 2005.
-
Target Brands: owns and oversees the company's private label products, including the grocery brands Archer Farms and Market Pantry, Sutton & Dodge, their premium meat line, and the electronics brand Trutech. Target issued a re-launch of the Target brand as up & up to include an expanded product selection and a new design. The up & up brand offers essential commodities including household, health care, beauty, baby, and personal care products. The brand claims to offer products of equal quality to national brands at a fraction of the cost, averaging a savings of 30 percent.[45] As of September 2009, up & up carries over 800 product offerings across 40 categories.[46] In addition, Bullseye Dog is a trademark, and the Bullseye Design and 'Target' are registered trademarks of Target Brands.
-
Target.com: owns and oversees the company's e-commerce initiatives, such as the Target.com domain. Founded in early 2000 as target.direct, it was formed by separating the company's existing e-commerce operations from its retailing division, and combining it with its Rivertown Trading direct marketing unit into a stand-alone subsidiary.[31] In 2002, target.direct and Amazon.com's subsidiary Amazon Enterprise Solutions created a partnership in which Amazon.com would provide order fulfillment and guest services for Target.com in exchange for fixed and variable fees. After the company sold Marshall Field's and Mervyns in 2004, target.direct became Target.com. The domain target.com attracted at least 288 million visitors annually by 2008 according to a Compete.com survey.[47] In August 2009, Target announced that they would build and manage a new Target.com platform, independent of Amazon.com. This new platform was to launch in 2011, in advance of the holiday season. Prior to the announcement, Target and Amazon had extended their partnership until 2011.[48] In January 2010, Target announced their vendor partners for the re-platforming project. These partners include Sapient, IBM, Oracle, Endeca, Autonomy, Sterling Commerce and HUGE (digital agency) among others.[49] The re-platformed Target.com officially launched on August 23, 2011 effectively ending the partnership with Amazon.com.[50]
Stores
Target
Target is a chain of discount stores that are about 95,000 to 135,000 square feet (12,000 m²) and carry hardlines, softlines (clothing), and a limited amount of groceries, mostly non-perishable. Specifically, 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. They also carry seasonal merchandise such as patio furniture during the summer and Christmas decorations during November and December. 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". It has also been reported that Cold Stone Creamery and Target have signed a deal to test in-store ice cream shops in three stores.[51] In early 2010 Target updated all references from "Food Avenue" to "Target Café".
The
Nicollet Mall, downtown Minneapolis Target, two stories with a varied façade to mimic multiple buildings; the tower in the background is Target Corp. headquarters.
While many Target stores share a fairly common big-box store layout, the company has been flexible with its designs. Target operates unique stores across the country in urban locations or within malls, in which a standard one-story building would not be feasible. These stores encompass multiple floors with both sales floor area and off stage areas such as offices or storage rooms spanning a number of these floors. Vertical transportation is provided in the store by escalator, elevator, or Vermaport, a specialized escalator for carts.
The first Target stores included leased supermarkets in addition to general merchandise, which during the time was a common practice by discount retailers as they attempted to offer a one-stop shopping experience to customers. Douglas Dayton stated in 1967 that "we believe that the discount-grocery store is a necessary ingredient in what we offer the customer. After all, food sales are about 40% of all department store-type merchandise sales, so the two kinds of stores go hand-in-hand and are what people think of when they think of a discount store." However, by the end of the decade, Target started moving away from this general merchandise and leased supermarket practice. In 1969, Target opened its first store consisting of only general merchandise.[19] As an effort to continue to compete and stand out in the competitive U.S. food market, meat and produce were placed with grocery in two general merchandise Target stores as a test project in early 2009, and many stores are now being expanded to new and re-modeled locations.[52]
The exterior of new Target store in
Miami, Florida which takes cues from local architecture.
In the past, the one-hour photo processing labs were not owned by Target but by Qualex, a subsidiary of Eastman Kodak, and were staffed by employees of Qualex, not Target. However, in June 2005, Target spokeswoman Brie Heath announced that Target Corporation will replace the Qualex photo labs with their own labs running Kodak equipment, and will staff them with Target employees. Unlike the previous Qualex labs, all photo processing is done "in house", including next-day, digital, and Kodak Perfect Touch processing, although a few labs have been replaced with "send-out" only service with a self-service Kodak Picture Kiosk. A select number of "test" stores are running with Fujifilm equipment instead of Kodak.[53] Target has also partnered with Yahoo! Photos for online photo services, including ordering prints online for one-hour store pickup. This ended in September 2007. Target Photo now partners with Kodak Gallery, Shutterfly, and Photobucket.
By September 2010, Target Stores with garden centers had stopped stocking live plants and most garden supplies; in about 350 of its stores, Target used some of the space to stock an expanded selection of fresh food, meat and produce, with the remaining 700 stores gaining space for seasonal items.[36]
PFresh
Throughout 2009, a new store prototype was developed for general merchandise stores. These stores, dubbed PFresh, include an array of perishable and frozen foods, meat, and dairy. Produce selections include select, barcoded fruits and vegetables, and pre-bagged items like bananas to eliminate the need for scales and weight-based pricing. They do not have an in-house bakery or deli, but carry a small number of baked goods and pre-packed deli items. Product includes a few national brands, but heavily focus on Target's owned-brand products such as Archer Farms and Market Pantry. The initial rollout of PFresh included about 100 stores. Most of these were existing stores that remodeled and expanded space to accommodate the new grocery layout, but some newly built stores that opened in 2009 incorporated the new format as well. The PFresh concept will be rolled out across 350 stores, either by remodel or as new store openings, by 2010. On average, a PFresh store is about 1,500 square feet (140 m2) larger than a general merchandise Target store, but is not labeled a SuperTarget as these stores' grocery aisles are still markedly smaller than those of the hypermarket.[54]
Target Greatland
The exterior of a typical Target Greatland in
Mount Laurel, New Jersey. Unlike smaller Target stores, Target Greatlands feature double entrances.
Target Greatland is a chain of general merchandise superstores, with a size of about 150,000 square feet (14,000 m²). Like SuperTargets (below), they carry a larger selection of general merchandise than a pre-2004 basic Target store; however, they do not have a full-line of groceries like meat, bakery, deli, produce and dairy.
The first Target Greatland opened in Apple Valley, Minnesota, in 1990, but has since been remodeled, expanded, and rebranded as a SuperTarget. From 2005 to 2008, the company reorganized the sales floor, allowing them to double the grocery space and move some departments to streamline the layout to better match a typical Target floorplan. Prominent features include double entrances on single level stores along with an expanded Target Café. The Target Café may include a Pizza Hut Express, Taco Bell Express, and/or a Starbucks. The construction of new Target Greatland stores has been phased out in favor of building general merchandise stores with a selection of perishable grocery items. Current Target Greatland stores are being converted to general merchandise Target stores or SuperTarget stores.
SuperTarget
SuperTarget logo, 2006–present.
The exterior of a typical SuperTarget in
Salt Lake City, Utah. Shown is the merchandise loading lane between the double entrances on the front of the building.
SuperTarget is a chain of hypermarkets that are about 174,000 sq ft (16,200 m2)[55] and feature double entrances on one-story stores. The first SuperTarget opened in Omaha, Nebraska in 1995, and the second SuperTarget opened in Lawrence, Kansas the same year.[56] As of October 2008, Target operated 218 SuperTarget stores in 22 US states, the majority of those are in Texas and Florida, with sizable numbers in Minnesota and Colorado.[57]
Until 2006, the store logo spelled "Super" in green script, while newer locations are signed in red block letters in the Helvetica typeface in favor of a streamlined brand look.[15] These stores offer everything found in a regular Target as well as a full grocery selection, fresh produce, bakery and deli, with most locations having a Target Optical. Many SuperTargets feature Starbucks Coffee, Pizza Hut Express, Taco Bell Express, Target Pharmacy, The Studio @ Target (a portrait studio), Target Photo, Target Mobile, and a Wells Fargo Bank or U.S. Bank. In the past, some SuperTargets featured an E-Trade trading station in place of a bank, though E*TRADE removed all of their SuperTarget branches in June 2003[58] without any prior notice. Mitchell Caplan, E*TRADE's CEO at that time, said that "We were not able to make it into a profitable distribution channel...[w]e're better off exiting." E*TRADE also sent a letter of notification to their customers informing them about this change. A select few stores in Maryland and the Twin Cities have a new Target Clinic concept.[59] Unlike other hypermarkets, like Wal-Mart Supercenters, SuperTargets are not open 24 hours.
continued on page 2
| Author: | Bling King |
| Published: | Jun 1st 2012 |
| Modified: | Jun 1st 2012 |
US$ 69.865 billion (FY 2011)
US$ 4.456 billion (FY 2011)
