Target Wikipedia

Target Corporation: A Retail Giant with a Rich History

Overview

Target Corporation is an American retail corporation that operates a chain of discount department stores and hypermarkets headquartered in Minneapolis, Minnesota. It is the seventh-largest retailer in the United States and a component of the S&P 500 Index.

Key Facts

• Founded in 1902 as Goodfellow Dry Goods
• Operates over 1,800 stores in the United States
• Generated $93.6 billion in revenue in 2022
• Employs over 340,000 associates

History

The history of Target Corporation can be traced back to 1902, when George Dayton founded Goodfellow Dry Goods. The company was renamed the Dayton Dry Goods Company in 1903 and the Dayton Company in 1910. In 1962, the company established the discount chain Target, opening the first store in Roseville, Minnesota.

In 1967, the company changed its name to Dayton Corporation. The company acquired Pamida in 1969, bringing its total number of stores to over 100. In 1978, the company purchased Dayton-Hudson Corporation, which owned the Mervyn's and Target stores.

Growth and Expansion

Target experienced rapid growth in the 1980s and 1990s, expanding its store base and adding new product categories. In 1995, the company launched its Target.com website. In 1999, the company acquired Marshall Field's and Mervyn's, giving it a presence in new markets.

In 2000, the company split into two separate companies: Target Corporation and Dayton's. Target Corporation continued to operate the Target stores, while Dayton's operated the Marshall Field's and Mervyn's stores. Dayton's was eventually sold to Hudson's Bay Company in 2006.

Recent Developments

In recent years, Target has invested heavily in its digital operations and omnichannel capabilities. The company has also been expanding its product offerings and introducing new store formats. In 2023, Target acquired Shipt, an online grocery delivery company.

Conclusion

Target Corporation is one of the largest and most successful retailers in the United States. The company has a long and rich history of innovation and growth. With its continued focus on digital transformation and omnichannel capabilities, Target is well-positioned for continued success in the years to come.