Target Stores

Nation's second-largest chain of discount stores.

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Headquarters: 1000 Nicollet Mall
Minneapolis, MN 55403
Employees: 366,000
Interim CEO: John Mulligan
Stock Symbol: TGT

Website: http://www.target.com

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With its familiar red bullseye logo, Target Stores have become the nation's second-largest discount chain behind Wal-Mart.

The company currently operates 1,793 stores in the U.S. and 124 stores in Canada.

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 2013, revenues decreased 1.0 percent to $72.5 billion. Net earnings were $1.97 billion. The company sold its credit card portfolio to TD Bank in March, 2013.

The company reported in late 2013 that hackers had accessed its computer database and may have info on over 70 million credit card numbers used by customers. CEO Gregg Steinhafel was fired in May and CFO John Mulligan is now Interim CEO until a permanent replacement is found.

Target announced that it plans to close eight U.S. stores on May 3, 2014. The stores are located in: West Dundee, IL; Las Vegas, NV; North Las Vegas, NV; Duluth, GA; Memphis, TN; Orange Park, FL; Middletown, OH; and Trotwood, OH. The company also plans to cut 375 jobs.

The company announced in January that part-time workers will no longer be offered health insurance coverage.

History

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.

Target sold its credit card business to TD Bank for $5.7 billion in 2013.

Benefits

- Health benefits
- Dental benefits
- Pension Plan
- 401(k) plan
- Disability Insurance
- Life Insurance
- Vacation and personal holidays
- Adoption, education and home loan assistance
- 10% Employee Discount

Updated June 16, 2014