 TARGET DEPARTMENTSTORES
Target Corporation (NYSE: TGT) was
founded in Minneapolis, Minnesota in 1902 as the Dayton Dry Goods Co. In
1962, the first Target store was opened in Roseville, Minnesota.
It is the sixth-largest retailer
(by sales revenue) in the United States behind Wal-Mart, The
Home Depot, Kroger, Sears Holdings Corporation and
Costco, and is ranked 29th on the 2006 Fortune 500. It sells more
gift cards than any other retailer in the United States and is also the
third-largest seller of music in the United States.
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Target Corporation competes
directly against other discount retailers, mainly Wal-Mart and Kmart.
Since its founding in 1962, it has intended to differentiate its stores
from its competitors by offering what it believes is more upscale,
trend-forward merchandise at low cost, as opposed to the traditional
concept of focusing on low-priced goods. George D. Dayton, one of the
Dayton brothers, explained John Geisse's concept: "We will offer
high-quality merchandise at low margins, because we are cutting
expenses. We would much rather do this than trumpet dramatic price cuts
on cheap merchandise."
As a result, Target stores tend to attract younger and more educated and
affluent customers than its competitors. Currently, the median Target
shopper is 41 years old, which is the youngest of all major discount
retailers that Target competes directly against. The median household
income of Target's customer base is roughly $58,000 USD. Roughly eighty
percent of Target customers are female, and about 43 percent have
children at home. About eighty percent have attended college and 43
percent have completed college.
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Source: Wikipedia - News Reports
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