Headquarters: 1000 Nicollet Mall
With its familiar red bullseye logo, Target Stores have become the nation's second-largest discount chain behind Wal-Mart.
The company currently operates 1,778 stores in 49 states and plans to open its first Canadian stores in 2013
According to the company, Target reaches a younger customer with higher incomes than its competitors. The median age of Target customers is 40, the youngest of all major discount retailers. The median household income is about $64,000. Eighty percent are female and 33 percent have children at home. About 80 percent attended college and 57 percent completed college. Because of its higher-end focus, Target stores are humorously referred to as "Tarzhay."
Target currently has 37 distribution centers. Target.com has three distribution centers for Internet purchases in Woodbury, MN; Ontario, CA; and Tucson, AZ.
For fiscal 2012, revenues increased 4.9 percent to $73.3 billion, including credit card revenues of $1.34 billion. Net earnings were $2.99 billion.
"We're pleased with Target's fourth quarter performance, particularly in the face of a highly promotional retail environment and continued consumer uncertainty," said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. "Outstanding discipline and execution by our team allowed us to achieve our full-year financial and strategic goals in 2012. We believe these results position us well to deliver on significant plans in 2013, including completion of the largest store opening program in our company's history with 124 stores in Canada and additional Target and CityTarget locations in the U.S., investing in new processes and technology that will improve our guests' multichannel experience and closing the sale of our credit card receivables."
The company announced plans to sell its credit card portfolio to TD Bank for $5.9 billion.
Target Stores were first launched in 1962 as a chain of discount merchandising stores by the Dayton Corporation, an operator of department stores. In 1969, Dayton merged with the J.L. Hudson Company to become Dayton-Hudson. The company would go on to acquire the Marshall Fields and Mervyn's department stores but Target was the company's biggest revenue generator.
Target employees began wearing red and khaki uniforms in 1993.
In 2000, Dayton-Hudson changed its name to the Target Corporation. The company sold its Marshall Fields and Mervyn's divisions in 2004 for $4.9 billion.
Target purchased the Canadian chain Zellers from Hudson's Bay Company for $1.82 billion in 2011 and plans to convert many of the stores to the Target brand in 2013.
- Health benefits
Updated February 27, 2013