|Legal Name:||Target Corporation|
|Headquarters Regions:||Minneapolis, Minnesota, United States|
|Number of Employees:||380,000+|
|Area served:||United States of America and world|
|Products of Company:||Retail corporation|
|Net Worth in 2021:||$75 Billion|
Target Corporation is a retail company based in the United States. It is a member of the S&P 500 Index and is the eighth-largest store in the United States. In 1962, Target was established as the discount subsidiary of the Dayton’s Company of Minneapolis, Minnesota; in the 1980s (as a portion of the Dayton-Hudson Corporation), it started growing the store nationally, and in the 1990s, it launched modern store models under the Target name. The group has achieved momentum in the market as a low-cost, high-style player. In 2000, the parent firm was called Target Corporation, and in the year 2004, it sold off the remaining department store chains.
In the early 2010s, it endured a major and widely reported security violation of consumer credit card records, as well as the collapse of its short-lived Target Canada division. Still, it rebounded with its penetration into metropolitan markets throughout the United States. Target had 1,844 locations throughout the United States as of the year 2019.
On the 2020 Fortune 500 ranking of the biggest U.S. companies by gross sales, the firm is listed 37th. Target, the hypermarket SuperTarget, as well as “small-format” stores formerly known as CityTarget and TargetExpress before being merged under the Target banner are among their shopping models.
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Westminster Presbyterian Church was destroyed by fire in 1893. The church wanted George Dayton to buy an empty corner after the fire. More money is raised for the church as a result of the auction. On the site, Dayton constructed a six-story structure. The founder died in 1938, and Nelson took his place. Nelson’s son Donald succeeds him after his passing. The corporation bought Lipman’s department store chain in the 1950s. The company opened its first Target store situated in Roseville, Minnesota, on May 1, 1962.
They opened three locations in the same year. The company’s market value was $39 million in 1964. In 1969, they joined with the J.L Hudson Company to form the Dayton-Hudson Corporation. They purchased Team Electronics and Jewelers C.D Peacock Inc in the 1970s, which helped them achieve a revenue of $200 million. Since purchasing Mervyn’s in 1978, it became the seventh-largest store in the United States. In 1990, they bought Marshall Field’s. In Apple Valley, Minnesota, the organization launched the first Target Great Land store.
The Target Corporation replaced Dayton-Hudson as the company’s name in early 2000. At the moment, the Target business provided 80% of their revenue. The corporation split its e-commerce and marketing divisions. The company changed the names of its Dayton’s and Hudson’s stores to Marshall Field’s. They quit the catalog company in 2004. Marshall Field’s was sold to May Department Stores by the group. Bangalore was the organization’s first place. In 2008, they completed the construction of the food delivery center. On January 13, 2011, Target began extending its operations in Canada. The company’s first Canadian store was launched in 2013.
The Canadian operation cost the corporation more than $2.1 billion. It was a spectacular debacle and an unmitigated loss, according to the media. Due to losses, the business sold 133 stores in Canada in 2015. Drive-Up, the company’s online order service, was established. People may use the app to place orders for products over the internet.
Target team members will take their orders for parking games. Shipt was purchased for $550 million by the corporation in 2017. The company’s sales in 2019 were $75,356 USD$, and its net income was about $2,937 in the same year. The Walt Disney Corporation confirmed an alliance with the company in different Target locations in August 2019.
The average size of a Target store is 135,000 square feet. The shops are designed in the style of a big-box retailer. The firm launched a brand fresh in 2006. CVS Health purchased the company’s pharmacy and clinics for $1.9 million on June 15, 2015. Good & Gather, Archer Farms, Market Pantry, Balanced, Sutton & Dodge, Embark, Room Essentials, Threshold, and Up & Up were among the company’s private labels. The company’s fulfillment facilities are spread around 39 locations across the United States. The company’s data theft in late 2013 impacted over 110 million consumers.
Awards and achievements
The company has earned several awards. The Ethisphere Institute named Target as one of the World’s Most Ethical Companies in 2011. In fields such as inclusion and diversity, environmental concerns, and creativity, the organization has been recognized as a pioneer. Forbes placed Target Corporation #22 on its list of Most Admired Companies. The corporation was named among the Top 50 Companies for Diversity by Diversity. The company was ranked no. 26 on the ranking of the 100 Best Corporate Citizens.
Net Worth & Earnings of Target Corporation in 2021
The Target Corporation was the first American retail store. It is the world’s eleventh biggest store. As of 2021, The company’s net worth is $75 billion. Brian, the company’s CEO, received $1.3 million. Food & Beverage, Musical Instruments, Apparel, Beauty, Personal Care, Luggage, Toys, Electronics, as well as several other types of items are available from the company.
Target Corporation is a well-known American retailer. Various non-profit organizations were funded by the group. Goodwill Industries received the unused as well as returned apparel products. They gave $1.5 million to the American Red Cross in the year 2005. There is no connection between it and Target Australia.
Target Corporation runs 41 fulfillment centers throughout the United States as of May 2016. These delivery centers distribute products directly to Target stores, excluding vendor-supplied items like greeting cards and soda. Target’s grocery range, unlike Walmart’s, comes from retailers with which Target has collaborated, rather than from Target’s delivery centers.
The first fulfillment center for the retail chain began in Fridley, Minnesota, in the year 1969. The Northern Distribution Center, which had a computerized distribution system, was named after it. The chain had grown to 17 locations by this point, after expanding into Oklahoma as well as Texas.