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History
Established in 1902 under Goodfellow Dry Goods name. Targets Corporation is the leading American retailer that operates a network of large stores across the United States. The enterprise was founded by George Draper Dayton and opened its first retail store in 1962 under Target brand name. Few years later it expanded the operation and established collaboration with several other retailers to create a huge network.
The company gained huge success with the total revenue reaching $1 billion by the end of 1970’s. It resulted in diversification of state’s economy “with such commercial giants as Target and the St. Paul Companies” (Risjord 51). The corporation. Those were good times for the brand with the first Target Greatland store opened in Minnesota. The main idea as to offer a wider array of products in comparison with company’s conventional store. Such approach resulted in the grand opening of SuperTarget featuring many additional facilities including dining zones, photo studio and more.
Industry
Targets Corporation deals with many exclusive fields. It establishes collaboration with leading brands in all possible niches. They include popular international wear labels such as Converse and Fiorucci. The company cooperates with world’s famous designers, architects, IT companies and more. The first designer line was released in 1999. It included items related to housewares and decoration. The company was the first to sing some big names of the fashion and design world. The main rivals including such huge networks as Walmart later followed that example. The idea was to create an exclusive product line and gain a reputation for all Target stores. However, there still were some mistakes. “In 2002, The Target Corporation discovered it was selling caps and clothing marked with Fascist symbol 88” (Fischer 109). The entire collection was immediately removed from stores. The company deals with several popular food networks highlighting some famous chefs and food & drink vendors. Moreover, DVDs, iPods and other branded goods can be found on the shelves of network’s stores.
Key Competitors
Target Corporation has to meet rather tough competition in the face of its main rivals. Walmart is among the main competitors in the US trading arena. The company seems to take the challenge. It has already implemented various successful marketing strategies. However, the key to success is the fact all target stores are different from their rivals. The strategy of differentiating corporation’s stores appeared to be rather thoughtful. All parts of the huge network are trend-oriented. The idea is to sell high-quality goods at the most affordable price. The company proved to be an innovator in the trading field when traditional selling concept was out of the question. Marketing analysis depicts that Target attracts more young buyers in comparison with Walmart customers. The average age of all corporation’s customers is 41. It is the youngest age among all retailers operating in the US market.
In 2015, the corporation has stores in more than 1 000 locations across the country. The year 2013 has come up with 110 million customers. Targets Corporation has gained numerous prestigious awards. It regularly participates in environmental programs aimed to protect our world and people.
Conclusion
The network is often described as one of the most philanthropic enterprises donating funds to various communities and organizations in which the company operates. Target provides financial support to schools and other educational establishments related to its cardholders. The company establishes diversity and equality inside the team as well as in its every store around the globe.
Works Cited
Fischer, David. Liberty and Freedom: A Visual History of America’s Founding Ideas. New York, NY: Oxford University Press. 2005. Print.
Risjord, Norman. A Popular History of Minnesota. St. Paul, MN: Minnesota Historical Society. 2005. Print.
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