Target Corporation is a big mass-market company founded on 24 June 1902. The market company controls its operation from Minneapolis, Minnesota, United States. The company originally founded as Goodfellow Dry Good. The company operates through various subsidiaries named Target Brands, Target Capital Corporation, Target Enterprise, and Target General Merchandise.
As of 2019, the company has a team of 360,000 employees. The company stores situated in more than 1868 locations. The chief executive officer of the company is Brian C. Cornell. The tagline of the corporation is Expect More. Pay Less.
Inception
In 1893, Westminster Presbyterian Church got burned down. Afterburn down, the church wants George Dayton to acquire an empty corner. The sale creates more funds for the church. The Dayton built a six-story building on the property. In 1938, the founder died, which was succeeded by Nelson. After the death of Nelson, his son Donald takes place.
In the 1950s, the company acquired the Lipman’s department store company. On 01 May 1962, the firm started its first Target store in Roseville, Minnesota. In the same year, they opened three units. In 1964, the reach of the company reached $39 million. They merged with J.L Hudson Company in 1969 and became the Dayton-Hudson Corporation.
In the 1970s, they acquired Team Electronics and Jewelers C.D Peacock Inc, which help them to reach $200 million in sales. In 1978, it became the seventh-largest retailer in the United States after acquiring of Mervyn’s. They acquired the Marshall Field’s in 1990. The company opened its first Target Great land store located in Apple Valley, Minnesota.
Evolution
In early 2000, the company rebranded itself as The Target Corporation from Dayton-Hudson. At that time, 80 percent of their income comes from the Target store. The company separated its e-commerce division from market division.
The organization renamed their Dayton’s and Hudson’s stores to Marshall Field’s name. In 2004, they left the catalog business. The company sold their Marshall Field’s to May Department Stores. The organization began operation in Bangalore. They built the food distribution center in 2008.
Target started expanding its business in Canada on 13 January 2011. In 2013, the company opened its first Canadian Stores. The company lost more than $2.1 billion in the Canada operation. According to the media, it was a spectacular failure and unmitigated disaster. In 2015, the company closed its 133 stores in Canada due to loss. The firm created its online order service named Drive Up.
The service allows people to order merchandise online. They will get their order on parking sports through Target team members. In 2017, the company acquired Shipt for $550 million. In 2019, the revenue of the company was 75,356 USD$, and in the same year, the net income of the firm was 2,937 USD$. In August 2019, the company announced its partnership with The Walt Disney Company in various Target locations.
Target stores are around 135,000 feet. The stores based on a big-box architectural design. In 2006, the company introduced a new fresh. On 15 June 2015, the company pharmacies and clinic business were acquired by CVS Health for $1.9 million. The company owned several private brands like Good & Gather, Archer Farms, Market Pantry, Balanced, Sutton & Dodge, Embark, Room Essentials, Threshold, Up & Up.
The company distribution centers situated in 39 distribution centers in the United States. In late 2013, the company data breach deeply affected more than 110 million customers.
Awards & Achievements
Several awards recognized the company. In 2011, Target declared as World’s Most Ethical Companies by Ethisphere Institute. The company declared as the leader in areas like diversity and inclusion, environmental issues, and innovation.
Target Corporation ranked #22 on the list of Most Admired Companies by Forbes. Diversity included the company in Top 50 Companies for Diversity. The organization listed on no-26 in 100 Best Corporate Citizens List.
Net Worth & Salary of Target Corporation in 2024
Target Corporation is the earliest retail chain of the United States. It is the 11th largest retailer across the world. As of November 2024, The net worth of the company is $65 billion. The company paid $1.3 million to its CEO, Brian. The company provides several types of products to the customer like Food & Beverages, Musical Instruments, Apparel, Beauty, Personal Care, Luggage, Toys, Electronics, and many more.
Target Corporation is a popular retailer in the United States. The company supported various non-profit organizations. They donated unused and returned clothing products to Goodwill Industries. In 2005, they donated $1.5 million to American Red Cross. It does not have any relation with Target Australia.