Target Corporation, often called Target, is an American retailing company headquartered in Minneapolis, Minnesota. It is the second-largest discount retailer in the United States, behind Walmart.[5][6] The company is ranked at number 30 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.
The company was founded in 1902 as the Dayton Dry Goods Company, though the its first Target store was opened in 1962 in nearby Roseville. Target grew and eventually became the largest division of Dayton Hudson Corporation, culminating in the company being renamed as Target Corporation in 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.
Target Corporation is the fourth largest retailer in the United States, operating 1,556 stores in 47 states. Formerly Dayton Hudson Corporation, Target has three main retail divisions: Target Stores, Mervyn's, and Marshall Field's. Target Stores is the number two discount retailer in the country, trailing only Wal-Mart Stores, Inc., and has distinguished itself from its competitors by offering upscale, fashion-conscious products at affordable prices. The 1,225 Target stores, which are located in 47 states, generated 84 percent of Target's fiscal 2002 revenues. Included in this store count are Target Greatland units, which are much larger than the typical Target store, averaging 145,000 square feet versus 126,000 square feet; as well as SuperTarget outlets, which are combined discount/grocery stores, averaging 175,000 square feet. Generating 9 percent of 2002 revenues were Mervyn's 267 stores situated in 14 states, primarily in the West, Southwest, and Midwest (specifically Minnesota and Michigan). Based in the San Francisco Bay area, Mervyn's positions itself as a chain of moderately priced, family friendly, neighborhood department stores. Target Corporation's full-service department store division, contributor of 6 percent of sales, is now consolidated under the Marshall Field's banner. The 62 Marshall Field's stores (which include locations that formerly operated under the Dayton's and J.L. Hudson's names) are located in eight states in the upper Midwest, with the majority found within three metropolitan areas: Minneapolis, Chicago, and Detroit. Target Corporation's philanthropy has been and still is legendary. In 1989 the corporation received the America's Corporate Conscience Award for its magnanimity, and Target contributes more than $2 million each week to the communities in which its stores are located.
Target Corporation (Target), incorporated in 1902, operates Target general merchandise stores with an assortment of general merchandise and food assortment. Target’s expanded food assortment includes some perishables and some additional dry, dairy and frozen items. In addition, the Company operates SuperTarget stores with general merchandise items and a full line of food items. Target.com offers an assortment of general merchandise, including many items found in its stores and a complementary assortment, such as extended sizes and colors, sold only online. Target operates two segments: Retail and Credit Card. The Retail Segment includes all of its merchandising operations, including its integrated online business. The Credit Card Segment offers credit to qualified guests through its branded credit cards, the Target Visa and the Target Card. In addition, it offers a branded Target Debit Card (collectively REDcards). As of January 29, 2011, Target had 1,750 stores in 49 states and the District of Columbia.
Target’s Retail segment offers both everyday essentials and fashionable, differentiated merchandise at discounted prices. The Company’s online shopping site offers similar merchandise categories to those found in its stores, excluding food items and household essentials. As of January 29, 2011, it operated 37 distribution centers, including four food distribution centers. A significant portion of the Company’s sales is from national brand merchandise. In addition, it sells merchandise under private-label brands, including, but not limited to, Archer Farms, Archer Farms Simply Balanced, Boots & Barkley, Choxie, Circo, Durabuilt, Embark, Gilligan & O'Malley, itso, Market Pantry, Merona, Play Wonder, Room Essentials, Smith & Hawken, Sutton & Dodge, Target Home, Vroom, up & up, Wine Cube and Xhilaration.
The Company sells merchandise through programs, such as ClearRx, GO International, and The Great Save. In addition, it sells merchandise under exclusive licensed and designer brands, including, but not limited to, C9 by Champion, Chefmate, Cherokee, Converse One Star, Eddie Bauer, Fieldcrest, Genuine Kids by OshKosh, Kitchen Essentials from Calphalon, Liz Lange for Target, Michael Graves Design, Mossimo, Nick & Nora, Simply Shabby Chic, Sonia Kashuk and Thomas O'Brien Vintage Modern. It also generates revenue from in-store amenities, such as Target Cafe, Target Clinic, Target Pharmacy and Target Photo, and from leased or licensed departments, such as Target Optical, Pizza Hut, Portrait Studio and Starbucks.
In 1994 Target executive Robert J. Ulrich was named chairman and CEO of Dayton Hudson. In that same year the company began a new strategy: developing a "boundaryless" corporate structure wherein resources and marketing and management expertise could be shared by each of the three divisions to create a more efficient organization. In 1996 Ulrich launched a three-year program to cut $200 million in annual operating expenses, particularly at the underperforming Mervyn's and department store units.
By early 1997 the Dayton Hudson Corporation consisted of three major autonomously run operating units: Target, with 735 discount stores in 38 states, represented the company's primary area of growth; the moderately priced Mervyn's chain operated 300 stores in 16 states, and the upscale Department Store Company operated 22 Hudson's, 19 Dayton's, and 26 Marshall Field's stores. Such broad-based expansion from the first six-story building in which Dayton was housed no doubt would have stunned the company's founder. Capital expansion, as well as more varied retailing, had taken their place alongside the old policies of thrift and sobriety.
During 1997, as part of its drive to turn around the Mervyn's chain, Dayton Hudson sold off or closed 35 Mervyn's outlets, including all of that chain's stores in Florida and Georgia. The late 1990s also saw a retrenchment on the department store front, as Dayton Hudson sold its Marshall Field's stores in Texas and also closed its Marshall Field's store in downtown Milwaukee.
Dayton Hudson also continued its efforts to give back to the communities that it served. During 1997 the corporation and its retail divisions made grants of approximately $39 million, including $2.8 million in scholarships that were given to high school seniors who had been involved in their communities. That year, the Target chain launched its Take Charge of Education program, which quickly became one of the corporation's most popular community support efforts. The program allowed Target Guest Card holders to sign up the school of their choice to receive 1 percent of their Guest Card purchase amounts. Within two years, more than 300,000 schools were registered and more than $800,000 had been given to these schools.
Ulrich's cost-cutting efforts, the trimming of Mervyn's and Marshall Field's, and--most importantly--the juggernaut that Target had grown into combined to bring unprecedented levels of profitability to Dayton Hudson by the end of the 1990s. While revenues increased to $33.7 billion by fiscal 1999, net income passed the $1 billion mark for the first time, reaching $1.14 billion, translating into a profit margin of 3.4 percent. This represented a near tripling of the 1996 profits of $463 million and a near doubling of the profit margin that year, 1.8 percent. These results were driven primarily by the Target chain, which had become one of the hottest commodities in retailing. Ulrich had concentrated on making Target a hip chain featuring stylish products at bargain prices. For example, in early 1999 the chain began selling top-end Calphalon cookware and also launched a line of stylish small appliances and household goods designed by architect Michael Graves--the latter line becoming so popular that it quickly grew to include more than 500 items. Through such innovations Ulrich succeeded in clearly setting Target apart from its discount competitors--even leading some customers/fans to use a fancy French pronunciation of the chain's name: Tar-zhay. Meantime, the chain continued to grow at the rate of about 70 stores per year, expanding into the key urban areas of Chicago and New York City, as well as making a more widespread push into the Northeast. As a result, the 900-strong Target chain was generating more than three-quarters of Dayton Hudson's revenues by decade's end, compared to around half ten years earlier. The growing predominance of the discount chain led the corporation to rename itself Target Corporation in January 2000.
During this same period the corporation quietly developed an e-commerce strategy that involved managing its own online distribution. It bought Rivertown Trading Company, a Twin Cities-based mail-order firm, in 1998 for $120 million to handle fulfillment, marketing, and distribution services for the e-commerce efforts of all the corporation's retail units. Online retailing gained a larger profile in early 2000 with the formation of a separate e-commerce unit called Target Direct. New store brand web sites were launched later that year.
The Internet push also played a role in more name changes. In January 2001 the corporation announced that it would change the names of its Dayton's and Hudson's department stores to Marshall Field's. Target was planning to launch an online gift registry during 2001 and wanted to do so under a unified department store name. Marshall Field's was chosen for several reasons: it was the most widely known of the three names, its base of Chicago was bigger than both Minneapolis and Detroit and was a major travel hub, and it was the largest chain, with 24 stores, compared to 19 Dayton's and 21 Hudson's.
At Target Stores (the official name of the discount division), meantime, use of the Target Guest Card began to plateau as consumers gravitated more to third-party Visa and MasterCard cards, cutting their use of private-label cards. Testing began on a Target Visa card in the fall of 2000, and by early 2003 nearly six million Guest Card accounts had been converted to the new Visa card. The Target chain itself kept expanding in the early 2000s, adding 62 discount stores to the total as well as 32 new SuperTarget stores during fiscal 2002, bringing the overall total to nearly 1,150 and the SuperTarget count to around 100. By this time, the Target Stores division was generating 84 percent of the parent company's revenues. Profits reached $1.65 billion, despite the continuing struggles of the Mervyn's and Marshall Field's divisions, where earnings were on the decline. Rumors continued to swirl about the possible divestment of one or both of these divisions, neither one of which was adding to its store count (Marshall Field's in fact sold its two stores in Columbus, Ohio, in 2003). Ulrich consistently denied such rumors, however, and thus far the stellar success of the Target Stores division had more than made up for the disappointing performance of Target Corporation's other retail units.
Principal Subsidiaries: The Associated Merchandising Corporation; Dayton's Commercial Interiors, Inc.
Principal Divisions: Target Stores; Mervyn's; Marshall Field's; Target Financial Services; target.direct.
Principal Competitors: Wal-Mart Stores, Inc.; Kmart Corporation; J.C. Penney Corporation, Inc.; Sears, Roebuck and Co.; Federated Department Stores, Inc.; The May Department Stores Company; The TJX Companies, Inc.; Kohl's Corporation; Dillard's, Inc.; Nordstrom, Inc.; Saks Incorporated; Ross Stores, Inc.
OVERALL
Beta: 0.93
Market Cap (Mil.): $35,669.54
Shares Outstanding (Mil.): 689.13
Annual Dividend: 1.00
Yield (%): 1.93
FINANCIALS
TGT.N Industry Sector
P/E (TTM): 12.90 30.70 21.07
EPS (TTM): 21.76 -- --
ROI: 8.74 8.10 1.78
ROE: 18.94 12.13 2.74
Statistics:
Public Company
Incorporated: 1902 as Goodfellow Dry Goods
Employees: 306,000
Sales: $43.92 billion (2002)
Stock Exchanges: New York Pacific
Ticker Symbol: TGT
NAIC: 452110 Department Stores; 452910 Warehouse Clubs and Superstores; 452990 All Other General Merchandise Stores; 454110 Electronic Shopping and Mail-Order Houses
Key Dates:
1902: George Draper Dayton opens the Goodfellow Dry Goods store in a six-story building in downtown Minneapolis.
1903: Corporate name is changed to Dayton Dry Goods Company.
1910: Name is shortened to Dayton Company.
1938: Dayton dies; his son Nelson takes over the $14 million business.
1956: Company builds the world's first fully enclosed shopping mall, called Southdale, located in suburban Minneapolis.
1962: The discount Target chain is launched.
1967: Company changes its name to Dayton Corporation and makes its first public stock offering.
1969: Dayton merges with the Detroit-based J.L. Hudson Company department store chain, forming Dayton Hudson Corporation.
1978: Dayton Hudson acquires the California-based Mervyn's chain of moderate-priced department stores.
1979: The Target chain becomes Dayton Hudson's largest producer of revenue.
1990: Marshall Field & Company, a Chicago-based department store operator, is acquired.
1995: The first SuperTarget combined discount/grocery store opens; the Target Guest Card, the first store credit card in the discount retail industry, makes its debut.
1998: As part of e-commerce push, Rivertown Trading Company, a Twin Cities-based mail-order firm, is acquired.
2000: Reflecting the increasing importance of its discount chain, Dayton Hudson renames itself Target Corporation; Target Direct is formed as a separate e-commerce unit.
2001: The names of the Dayton's and Hudson's department stores are changed to Marshall Field's.
Name Age Since Current Position
Gregg Steinhafel 56 2009 Chairman of the Board, President, Chief Executive Officer
Douglas Scovanner 55 2000 Chief Financial Officer, Executive Vice President
Terrence Scully 58 2003 President - Financial and Retail Services
Laysha Ward 43 2011 President - Community Relations and Target Foundation
Beth Jacob 49 2010 Executive Vice President - Technology Services, Chief Information Officer
Michael Francis 48 2008 Executive Vice President, Chief Marketing Officer
Timothy Baer 50 2007 Executive Vice President, General Counsel, Corporate Secretary
Jodeen Kozlak 47 2007 Executive Vice President - Human Resources
John Griffith 49 2005 Executive Vice President - Property Development
Kathryn Tesija 48 2008 Executive Vice President - Merchandising
Tina Schiel 45 2011 Executive Vice President - Stores
James Johnson 67 1996 Lead Independent Director
Anne Mulcahy 58 1997 Independent Director
Stephen Sanger 65 1996 Independent Director
Solomon Trujillo 59 1994 Independent Director
Roxanne Austin 50 2002 Independent Director
Calvin Darden 61 2003 Independent Director
Mary Minnick 52 2005 Independent Director
Mary Dillon 49 2007 Independent Director
Derica Rice 46 2007 Independent Director
John Stumpf 57 2010 Independent Director
Address:
1000 Nicollet Mall
Minneapolis, Minnesota 55403-2467
U.S.A.
The company was founded in 1902 as the Dayton Dry Goods Company, though the its first Target store was opened in 1962 in nearby Roseville. Target grew and eventually became the largest division of Dayton Hudson Corporation, culminating in the company being renamed as Target Corporation in 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.
Target Corporation is the fourth largest retailer in the United States, operating 1,556 stores in 47 states. Formerly Dayton Hudson Corporation, Target has three main retail divisions: Target Stores, Mervyn's, and Marshall Field's. Target Stores is the number two discount retailer in the country, trailing only Wal-Mart Stores, Inc., and has distinguished itself from its competitors by offering upscale, fashion-conscious products at affordable prices. The 1,225 Target stores, which are located in 47 states, generated 84 percent of Target's fiscal 2002 revenues. Included in this store count are Target Greatland units, which are much larger than the typical Target store, averaging 145,000 square feet versus 126,000 square feet; as well as SuperTarget outlets, which are combined discount/grocery stores, averaging 175,000 square feet. Generating 9 percent of 2002 revenues were Mervyn's 267 stores situated in 14 states, primarily in the West, Southwest, and Midwest (specifically Minnesota and Michigan). Based in the San Francisco Bay area, Mervyn's positions itself as a chain of moderately priced, family friendly, neighborhood department stores. Target Corporation's full-service department store division, contributor of 6 percent of sales, is now consolidated under the Marshall Field's banner. The 62 Marshall Field's stores (which include locations that formerly operated under the Dayton's and J.L. Hudson's names) are located in eight states in the upper Midwest, with the majority found within three metropolitan areas: Minneapolis, Chicago, and Detroit. Target Corporation's philanthropy has been and still is legendary. In 1989 the corporation received the America's Corporate Conscience Award for its magnanimity, and Target contributes more than $2 million each week to the communities in which its stores are located.
Target Corporation (Target), incorporated in 1902, operates Target general merchandise stores with an assortment of general merchandise and food assortment. Target’s expanded food assortment includes some perishables and some additional dry, dairy and frozen items. In addition, the Company operates SuperTarget stores with general merchandise items and a full line of food items. Target.com offers an assortment of general merchandise, including many items found in its stores and a complementary assortment, such as extended sizes and colors, sold only online. Target operates two segments: Retail and Credit Card. The Retail Segment includes all of its merchandising operations, including its integrated online business. The Credit Card Segment offers credit to qualified guests through its branded credit cards, the Target Visa and the Target Card. In addition, it offers a branded Target Debit Card (collectively REDcards). As of January 29, 2011, Target had 1,750 stores in 49 states and the District of Columbia.
Target’s Retail segment offers both everyday essentials and fashionable, differentiated merchandise at discounted prices. The Company’s online shopping site offers similar merchandise categories to those found in its stores, excluding food items and household essentials. As of January 29, 2011, it operated 37 distribution centers, including four food distribution centers. A significant portion of the Company’s sales is from national brand merchandise. In addition, it sells merchandise under private-label brands, including, but not limited to, Archer Farms, Archer Farms Simply Balanced, Boots & Barkley, Choxie, Circo, Durabuilt, Embark, Gilligan & O'Malley, itso, Market Pantry, Merona, Play Wonder, Room Essentials, Smith & Hawken, Sutton & Dodge, Target Home, Vroom, up & up, Wine Cube and Xhilaration.
The Company sells merchandise through programs, such as ClearRx, GO International, and The Great Save. In addition, it sells merchandise under exclusive licensed and designer brands, including, but not limited to, C9 by Champion, Chefmate, Cherokee, Converse One Star, Eddie Bauer, Fieldcrest, Genuine Kids by OshKosh, Kitchen Essentials from Calphalon, Liz Lange for Target, Michael Graves Design, Mossimo, Nick & Nora, Simply Shabby Chic, Sonia Kashuk and Thomas O'Brien Vintage Modern. It also generates revenue from in-store amenities, such as Target Cafe, Target Clinic, Target Pharmacy and Target Photo, and from leased or licensed departments, such as Target Optical, Pizza Hut, Portrait Studio and Starbucks.
In 1994 Target executive Robert J. Ulrich was named chairman and CEO of Dayton Hudson. In that same year the company began a new strategy: developing a "boundaryless" corporate structure wherein resources and marketing and management expertise could be shared by each of the three divisions to create a more efficient organization. In 1996 Ulrich launched a three-year program to cut $200 million in annual operating expenses, particularly at the underperforming Mervyn's and department store units.
By early 1997 the Dayton Hudson Corporation consisted of three major autonomously run operating units: Target, with 735 discount stores in 38 states, represented the company's primary area of growth; the moderately priced Mervyn's chain operated 300 stores in 16 states, and the upscale Department Store Company operated 22 Hudson's, 19 Dayton's, and 26 Marshall Field's stores. Such broad-based expansion from the first six-story building in which Dayton was housed no doubt would have stunned the company's founder. Capital expansion, as well as more varied retailing, had taken their place alongside the old policies of thrift and sobriety.
During 1997, as part of its drive to turn around the Mervyn's chain, Dayton Hudson sold off or closed 35 Mervyn's outlets, including all of that chain's stores in Florida and Georgia. The late 1990s also saw a retrenchment on the department store front, as Dayton Hudson sold its Marshall Field's stores in Texas and also closed its Marshall Field's store in downtown Milwaukee.
Dayton Hudson also continued its efforts to give back to the communities that it served. During 1997 the corporation and its retail divisions made grants of approximately $39 million, including $2.8 million in scholarships that were given to high school seniors who had been involved in their communities. That year, the Target chain launched its Take Charge of Education program, which quickly became one of the corporation's most popular community support efforts. The program allowed Target Guest Card holders to sign up the school of their choice to receive 1 percent of their Guest Card purchase amounts. Within two years, more than 300,000 schools were registered and more than $800,000 had been given to these schools.
Ulrich's cost-cutting efforts, the trimming of Mervyn's and Marshall Field's, and--most importantly--the juggernaut that Target had grown into combined to bring unprecedented levels of profitability to Dayton Hudson by the end of the 1990s. While revenues increased to $33.7 billion by fiscal 1999, net income passed the $1 billion mark for the first time, reaching $1.14 billion, translating into a profit margin of 3.4 percent. This represented a near tripling of the 1996 profits of $463 million and a near doubling of the profit margin that year, 1.8 percent. These results were driven primarily by the Target chain, which had become one of the hottest commodities in retailing. Ulrich had concentrated on making Target a hip chain featuring stylish products at bargain prices. For example, in early 1999 the chain began selling top-end Calphalon cookware and also launched a line of stylish small appliances and household goods designed by architect Michael Graves--the latter line becoming so popular that it quickly grew to include more than 500 items. Through such innovations Ulrich succeeded in clearly setting Target apart from its discount competitors--even leading some customers/fans to use a fancy French pronunciation of the chain's name: Tar-zhay. Meantime, the chain continued to grow at the rate of about 70 stores per year, expanding into the key urban areas of Chicago and New York City, as well as making a more widespread push into the Northeast. As a result, the 900-strong Target chain was generating more than three-quarters of Dayton Hudson's revenues by decade's end, compared to around half ten years earlier. The growing predominance of the discount chain led the corporation to rename itself Target Corporation in January 2000.
During this same period the corporation quietly developed an e-commerce strategy that involved managing its own online distribution. It bought Rivertown Trading Company, a Twin Cities-based mail-order firm, in 1998 for $120 million to handle fulfillment, marketing, and distribution services for the e-commerce efforts of all the corporation's retail units. Online retailing gained a larger profile in early 2000 with the formation of a separate e-commerce unit called Target Direct. New store brand web sites were launched later that year.
The Internet push also played a role in more name changes. In January 2001 the corporation announced that it would change the names of its Dayton's and Hudson's department stores to Marshall Field's. Target was planning to launch an online gift registry during 2001 and wanted to do so under a unified department store name. Marshall Field's was chosen for several reasons: it was the most widely known of the three names, its base of Chicago was bigger than both Minneapolis and Detroit and was a major travel hub, and it was the largest chain, with 24 stores, compared to 19 Dayton's and 21 Hudson's.
At Target Stores (the official name of the discount division), meantime, use of the Target Guest Card began to plateau as consumers gravitated more to third-party Visa and MasterCard cards, cutting their use of private-label cards. Testing began on a Target Visa card in the fall of 2000, and by early 2003 nearly six million Guest Card accounts had been converted to the new Visa card. The Target chain itself kept expanding in the early 2000s, adding 62 discount stores to the total as well as 32 new SuperTarget stores during fiscal 2002, bringing the overall total to nearly 1,150 and the SuperTarget count to around 100. By this time, the Target Stores division was generating 84 percent of the parent company's revenues. Profits reached $1.65 billion, despite the continuing struggles of the Mervyn's and Marshall Field's divisions, where earnings were on the decline. Rumors continued to swirl about the possible divestment of one or both of these divisions, neither one of which was adding to its store count (Marshall Field's in fact sold its two stores in Columbus, Ohio, in 2003). Ulrich consistently denied such rumors, however, and thus far the stellar success of the Target Stores division had more than made up for the disappointing performance of Target Corporation's other retail units.
Principal Subsidiaries: The Associated Merchandising Corporation; Dayton's Commercial Interiors, Inc.
Principal Divisions: Target Stores; Mervyn's; Marshall Field's; Target Financial Services; target.direct.
Principal Competitors: Wal-Mart Stores, Inc.; Kmart Corporation; J.C. Penney Corporation, Inc.; Sears, Roebuck and Co.; Federated Department Stores, Inc.; The May Department Stores Company; The TJX Companies, Inc.; Kohl's Corporation; Dillard's, Inc.; Nordstrom, Inc.; Saks Incorporated; Ross Stores, Inc.
OVERALL
Beta: 0.93
Market Cap (Mil.): $35,669.54
Shares Outstanding (Mil.): 689.13
Annual Dividend: 1.00
Yield (%): 1.93
FINANCIALS
TGT.N Industry Sector
P/E (TTM): 12.90 30.70 21.07
EPS (TTM): 21.76 -- --
ROI: 8.74 8.10 1.78
ROE: 18.94 12.13 2.74
Statistics:
Public Company
Incorporated: 1902 as Goodfellow Dry Goods
Employees: 306,000
Sales: $43.92 billion (2002)
Stock Exchanges: New York Pacific
Ticker Symbol: TGT
NAIC: 452110 Department Stores; 452910 Warehouse Clubs and Superstores; 452990 All Other General Merchandise Stores; 454110 Electronic Shopping and Mail-Order Houses
Key Dates:
1902: George Draper Dayton opens the Goodfellow Dry Goods store in a six-story building in downtown Minneapolis.
1903: Corporate name is changed to Dayton Dry Goods Company.
1910: Name is shortened to Dayton Company.
1938: Dayton dies; his son Nelson takes over the $14 million business.
1956: Company builds the world's first fully enclosed shopping mall, called Southdale, located in suburban Minneapolis.
1962: The discount Target chain is launched.
1967: Company changes its name to Dayton Corporation and makes its first public stock offering.
1969: Dayton merges with the Detroit-based J.L. Hudson Company department store chain, forming Dayton Hudson Corporation.
1978: Dayton Hudson acquires the California-based Mervyn's chain of moderate-priced department stores.
1979: The Target chain becomes Dayton Hudson's largest producer of revenue.
1990: Marshall Field & Company, a Chicago-based department store operator, is acquired.
1995: The first SuperTarget combined discount/grocery store opens; the Target Guest Card, the first store credit card in the discount retail industry, makes its debut.
1998: As part of e-commerce push, Rivertown Trading Company, a Twin Cities-based mail-order firm, is acquired.
2000: Reflecting the increasing importance of its discount chain, Dayton Hudson renames itself Target Corporation; Target Direct is formed as a separate e-commerce unit.
2001: The names of the Dayton's and Hudson's department stores are changed to Marshall Field's.
Name Age Since Current Position
Gregg Steinhafel 56 2009 Chairman of the Board, President, Chief Executive Officer
Douglas Scovanner 55 2000 Chief Financial Officer, Executive Vice President
Terrence Scully 58 2003 President - Financial and Retail Services
Laysha Ward 43 2011 President - Community Relations and Target Foundation
Beth Jacob 49 2010 Executive Vice President - Technology Services, Chief Information Officer
Michael Francis 48 2008 Executive Vice President, Chief Marketing Officer
Timothy Baer 50 2007 Executive Vice President, General Counsel, Corporate Secretary
Jodeen Kozlak 47 2007 Executive Vice President - Human Resources
John Griffith 49 2005 Executive Vice President - Property Development
Kathryn Tesija 48 2008 Executive Vice President - Merchandising
Tina Schiel 45 2011 Executive Vice President - Stores
James Johnson 67 1996 Lead Independent Director
Anne Mulcahy 58 1997 Independent Director
Stephen Sanger 65 1996 Independent Director
Solomon Trujillo 59 1994 Independent Director
Roxanne Austin 50 2002 Independent Director
Calvin Darden 61 2003 Independent Director
Mary Minnick 52 2005 Independent Director
Mary Dillon 49 2007 Independent Director
Derica Rice 46 2007 Independent Director
John Stumpf 57 2010 Independent Director
Address:
1000 Nicollet Mall
Minneapolis, Minnesota 55403-2467
U.S.A.