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Headquarters: 1000 Nicollet Mall Website: http://www.target.com With its familiar red bullseye logo, Target Stores have become the nation's second-largest discount chain behind Wal-Mart. The company currently operates 1,795 stores in the U.S including 249 larger SuperTarget stores. In January, the company announced it will close all 133 stores in Canada due to continued losses. The closings will affect 17,600 workers. Target currently has 37 distribution centers. Target.com has three distribution centers for Internet purchases in Woodbury, MN; Ontario, CA; and Tucson, AZ. In June, Target announced it would sell its in-store pharmacies to CVS for $1.9 billion. Target has more than 1,660 in-store pharmacies in 47 states and these will become CVS-branded pharmacies within Target stores. Target's nearly 80 clinic locations will be rebranded as MinuteClinic, and CVS Health will open up to 20 new clinics in Target stores within three years. For fiscal 2014, total sales increased 1.9 percent to $72.6 billion. The company reported a net loss of $1.63 billion for the year due to closing of its Canadian operations. Target will cut several thousand workers mostly at headquarters to streamline operations and with the exit of Canadian market. The company says it will increase focus on Style, Baby, Kids and Wellness categories which generate up to 25% of total sales. The company said it will open eight TargetExpress locations across the country in 2015, which are smaller stores located in dense urban areas. 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." Gregg Steinhafel was fired as CEO in May 2014 and Brian Cornell was named the new CEO last August. 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. The company reported in late 2013 that hackers had accessed its computer database and may have stolen info on over 70 million credit card numbers used by customers. Benefits - Health benefits Updated June 17, 2015 |