Target Corporation , usually known simply as Target , is an American retailing company that was founded in Minneapolis, Minnesota in 1902 as the Dayton Dry Goods Company. In 1962, the company opened its first Target store in nearby Roseville. The Target store concept grew and eventually became the largest division of Dayton Hudson, culminating in the company changing its name to Target Corporation in 2000. The company has opened stores in all but one state (the exception, as of October 2009, being Vermont), operating as Target, SuperTarget, and formerly Target Greatland.
Target is the second largest discount retailer in the United States, behind Walmart. The company is ranked at number 28 on the Fortune 500 as of 2009, and is a component of the Standard & Poor's 500 index. The company licenses its bullseye trademark to Wesfarmers, owners of the separate Target Australia chain.
History
1902–1962: Dayton's
Main article: Dayton'sIn 1902, George Dayton constructed a six-story building in downtown Minneapolis and convinced R.S. Goodfellow Company to move its Goodfellows department store into the location. The store's owner, Reuben Simon Goodfellow, retired and sold his interest in the store to George Dayton. In 1903, the store changed its name to the Dayton Dry Goods Company, and it changed its name again to the Dayton Company in 1911. In the 1950s, it acquired the Portland, Oregon-based Lipmans department store company and operated it as a separate division. In 1956, the Dayton Company opened Southdale, the world's first fully-enclosed two-level shopping center in Edina, Minnesota, a suburb of Minneapolis. The Dayton Company also became a retail chain by opening its second Dayton's store in Southdale.
1962–1971: The founding of Target
In 1962, the Dayton Company, using a concept developed by John F. Geisse, entered discount merchandising by opening its first Target discount store in Roseville, Minnesota, a suburb north of Saint Paul. The name "Target" originated from Dayton's publicity director, Stewart K. Widdess, and was intended to prevent consumers from associating the new discount store chain with the department store. The new subsidiary, Target Stores, ended its first year with four units, all in Minnesota. Target Stores lost money in its initial years, but in 1965 it reported its first gain with sales reaching $39 million, allowing a fifth store to open in Minneapolis. In 1966, Bruce Dayton launched the B. Dalton Bookseller specialty chain, which became the largest hardcover bookseller in the United States. The bookseller chain was named after the founder, but with the y in Dayton replaced with an l . Target Stores expanded outside of Minneapolis by opening two stores in Denver, Colorado, and sales exceeded $60 million. In 1967, the Dayton Corporation was established and it went public with its first offering of common stock, and it opened two more Target stores in Minnesota resulting in a total of nine units.
In 1968, Target changed its bullseye logo to a more modern look, and expanded into St. Louis, Missouri, with two new stores. That year, Target Stores experienced a transition phase: Target's president and co-founder, Douglas J. Dayton, went back to the parent Dayton Corporation and was succeeded by William A. Hodder, and senior vice president and cofounder John Geisse left the company. He was later hired by St. Louis-based May Department Stores, where he founded the Venture Stores chain. Target Stores ended the year with 11 units and $130 million in sales. In 1969, it acquired the Lechmere electronics and appliances chain that operated in New England, and expanded Target Stores into Texas and Oklahoma with six new units and its first distribution center in Fridley, Minnesota. The Dayton Company also merged with the Detroit-based J.L. Hudson company that year, to become the Dayton-Hudson Corporation consisting of Target and five major department store chains: Dayton's, Diamond's of Phoenix, Arizona, Hudson's, John A. Brown of Oklahoma City, Oklahoma, and Lipmans. In 1970, Target Stores added seven new units, including two units in Wisconsin, and the 24-unit chain reached $200 million in sales. That year, Dayton-Hudson also acquired the Team Electronics specialty chain that was headed by Stephen L. Pistner.
1971–1982: Turnaround
In 1971, Dayton-Hudson acquired sixteen stores from the Arlan's department store chain in Colorado, Iowa, and Oklahoma. That year, two of those units reopened as Target stores, and in 1972 the other fourteen were reopened to make a total of 46 units. This caused the chain to experience another major transition phase: It reported its first decrease in profits since its initial years, as a result of the chain's rapid expansion and the top executives' lack of experience in discount retailing. Its loss in operational revenue was due to overstocking and carrying goods over multiple years regardless of inventory and storage costs. By then, Dayton Hudson considered selling off the Target Stores subsidiary. In 1973, Stephen Pistner, who had already revived Team Electronics and would later revive Montgomery Ward and Ames, was named chief executive officer of Target Stores, and Kenneth A. Macke was named Target Stores's senior vice president. The new management saved the chain by marking down merchandise to clean out its overstock and by allowing only one new unit to open that year. In 1975, it opened two stores, reaching 49 units in nine states and $511 million in sales. That year, the Target discount chain became the company's top revenue producer.
In 1976, Target opened four new units and reached $600 million in sales. That year, Macke was promoted to president and chief executive officer of Target Stores. In 1977, Target Stores opened seven new units, and Stephen Pistner became president of Dayton Hudson, with Macke succeeding him as chairman and chief executive officer of Target Stores. The senior vice president of Dayton Hudson, Bruce G. Allbright, moved to Target Stores and succeeded Kenneth Macke as president. In 1978, the company acquired Mervyns and became the 7th largest retailer in the United States. Target Stores opened eight new stores that year, including its first shopping mall anchor store in Grand Forks, North Dakota. In 1979, it opened 13 new units to a total of 80 Target stores in eleven states and $1.12 billion in sales. In 1980, it sold its Lipmans department store chain of six units to Marshall Field's, which rebranded the stores as Frederick & Nelson. That year, Target Stores opened seventeen new units, including expansions into Tennessee and Kansas. It also acquired the Ayr-Way discount retail chain of 40 stores and one distribution center from Indianapolis-based L.S. Ayres & Company, which it reopened in 1981 as Target stores. That year, Stephen Pistner left the parent company to join Montgomery Ward, and Kenneth Macke succeeded him as president of Dayton Hudson. Floyd Hall succeeded Kenneth Macke as chairman and chief executive officer of Target Stores. Bruce Allbright left the company to work for Woolworth, where he was named chairman and chief executive officer of Woolco. Bob Ulrich also became president and chief executive officer of Diamond's Department Stores in 1981. In addition to the Ayr-Way acquisition, Target Stores expanded by opening fourteen new units and a third distribution center in Little Rock, Arkansas, to a total of 151 units and $2.05 billion in sales.
1982–2000: West and East Coast expansion
Since the launch of Target Stores to this point, it had focused its expansion in the Central United States. In 1982, it expanded into the West Coast of the United States by acquiring 33 FedMart stores in Arizona, California, and Texas and opening a fourth distribution center in Los Angeles. That year, Bruce Allbright returned to Target Stores as its vice chairman and chief administrative officer, and the chain expanded to 167 units and $2.41 billion in sales. The 33 units acquired from FedMart were reopened as Target stores in 1983. Also in 1983, it founded the Plums off-price apparel specialty store chain with four units in the Los Angeles area, with an intended audience of middle-to-upper income women.
In 1984, it sold its Plums chain to Ross Stores after only 11 months of operation, and it sold its Diamond's and John A. Brown department store chains to Dillard's. Meanwhile, Target Stores added nine new units to a total of 215 stores and $3.55 billion in sales. Floyd Hall left the company and Bruce Allbright succeeded him as chairman and chief executive officer of Target Stores. In May 1984, Bob Ulrich became president of the Dayton Hudson Department Store Division, and in December 1984 became president of Target Stores.
In 1986, the company acquired 50 Gemco stores from Lucky Stores in California, allowing Target Stores to become the dominant retailer in Southern California as the chain grew to a total of 246 units. It also opened a fi
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