Target Corporation | Introduction
Introduction
1000 Nicollet Mall
Minneapolis, Minnesota 55403-2467
U.S.A.
Telephone: (612) 304-6073
Fax: (612) 696-3731
Web site: http://www.target.com
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
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.