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Target Corporation

American retail corporation headquartered in Minneapolis.

Target Corporation, founded in 1902 by George Dayton, is a major American retailer known for its discount stores and hypermarkets. With a focus on trendy merchandise at affordable prices, Target has become one of the largest U.S. retailers, operating nearly 2,000 stores nationwide. The company, formerly known as Dayton-Hudson Corporation, rebranded as Target Corporation in 2000. Target's iconic bullseye logo and diverse product offerings have solidified its presence in American culture, competing with Walmart and Amazon.

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Timeline

Founding of Target Corporation

In 1902, George Draper Dayton, a New Yorker and a banker, decided to purchase land on Nicollet Avenue in Minneapolis and build his own company known as Target. The store became known for its spirit of giving, fair business practices, and dependable merchandise.

Dayton's department store chain founded

The company's roots were founded when George Dayton founded the Dayton's department store chain in 1903.

Dayton Foundation is established

The Dayton Foundation was established in 1918 with a significant initial endowment of $1 million. This foundation played a crucial role in the company's philanthropic endeavors.

George D. Dayton passes away

Following George D. Dayton's death in 1938, his son, George N. Dayton, took over the business and began to expand the company into a nationwide retailer. This transition marked a pivotal moment in the company's leadership.

Nelson Dayton's death

With Nelson Dayton's death in 1950, the company embarked on a new era of expansion and growth. This marked a significant shift in the company's leadership and strategic direction.

Southdale, the world's first fully-enclosed two-level shopping center, opened

In 1956, the Dayton Company opened Southdale, the world's first fully-enclosed two-level shopping center in Edina, Minnesota, a suburb of Minneapolis.

Opening of the First Target Store

On May 1, 1962, the first Target store was opened by Dayton Company, designed as a discount version of Dayton’s department stores.

Dayton Corporation goes public

In 1967, the company changed its name to Dayton Corporation and made its first public stock offering. This move marked an important transition in the company's corporate structure and financial operations.

Merger to Become Dayton-Hudson Corporation

In 1969, Dayton Company expanded its department store operations and merged with the J.L. Hudson Company to become the Dayton-Hudson Corporation.

Target expands and Macke becomes president and CEO

In 1976, Target opened four new units, reached $600 million in sales, and Kenneth Macke was promoted to president and chief executive officer of Target Stores.

Target continues expansion and leadership changes

In 1977, Target Stores opened seven new units, and there were leadership changes with Stephen Pistner becoming president of Dayton-Hudson and Kenneth Macke succeeding him as chairman and chief executive officer of Target Stores.

Acquisition of Mervyn's and further expansion

In 1978, the company acquired Mervyn's and became the 7th largest general merchandise retailer in the United States. Target Stores also opened eight new stores that year.

Target Stores' First Billion Dollar Sale

In 1979, Target Stores celebrated achieving $1 billion in annual sales by holding its first Billion Dollar Sale for guests, signifying a major organizational milestone.

Expansion into West Coast market

In 1982, Target expanded into the West Coast market by acquiring 33 FedMart stores in Arizona, California, and Texas and opening a fourth distribution center in Los Angeles.

Acquisition of Gemco stores and expansion in Southern California

In 1986, the company acquired fifty Gemco stores from Lucky Stores in California and Arizona, making Target Stores the dominant retailer in Southern California.

Significant expansion in Southeastern United States

In 1989, Target expanded by 60 units, especially in the Southeastern United States, entering Florida, Georgia, North Carolina, and South Carolina, reaching a total of 399 units in 30 states with $7.51 billion in sales.

Opening of First Target Greatland Location

In September 1990, the first Target Greatland location opened in Apple Valley, Minnesota. These stores were about 50% larger than traditional Target stores and introduced several new company standards.

Film Career Opportunities Reference

One of the earliest references to Target in popular culture is the film Career Opportunities (1991), written by John Hughes, in which an employee and a customer fall in love after hours inside a Target store.

Target's new 'boundaryless' corporate structure

In 1994, Target implemented a new strategy of developing a 'boundaryless' corporate structure, aiming to enhance efficiency by sharing resources, marketing, and management expertise across its three divisions.

Opening of the first SuperTarget store

In 1995, the first SuperTarget store was opened in Omaha, Nebraska, offering a full-service grocery, a photography studio, a pharmacy, and restaurants.

Planned opening of six new SuperTargets

In 1996, Target planned to open six new SuperTargets, expanding its successful general merchandise mix with grocery stores.

Take Charge of Education program launched by Target chain

In 1997, the Target chain launched the Take Charge of Education program, enabling Target Guest Card holders to allocate 1 percent of their purchase amounts to the school of their choice. This initiative quickly gained popularity and contributed significantly to community support efforts.

Acquisition of Target Sourcing Services

Target Corporation acquired Target Sourcing Services in 1998. Target Sourcing Services is responsible for locating merchandise globally and importing it to the United States for Target. It has a significant impact on Target's supply chain and product sourcing.

Expansion of Target Chain

Target chain expanded at a rapid rate, opening about 70 stores per year and making a significant push into key urban areas like Chicago and New York City, as well as the Northeast region.

Dayton Hudson Corporation renamed to Target Corporation

In January 2000, Dayton Hudson Corporation changed its name to Target Corporation and its ticker symbol to TGT. This change reflected the corporation's focus on the Target division, which accounted for the majority of its sales and earnings.

Introduction of Target Visa card

In the fall of 2000, Target began testing the Target Visa card, which led to the conversion of nearly six million Guest Card accounts to the new Visa card by early 2003.

Name Change to Marshall Field's

In January 2001, the corporation announced the change of names of its Dayton's and Hudson's department stores to Marshall Field's, as part of its plan to launch an online gift registry under a unified department store name.

Target Corporation hired Goldman Sachs Group to analyze options for selling Marshall Field's and Mervyn's

On March 10, 2004, Target Corporation announced that it had hired Goldman Sachs Group to explore potential options for selling its Marshall Field's and Mervyn's chains of department stores. This strategic move signaled the corporation's restructuring efforts.

Sale of Marshall Field's and Mervyn's to May Department Stores Company

On June 9, 2004, Target Corporation announced the sale of the Marshall Field's chain and several Mervyn's stores to St. Louis-based May Department Stores Company. This transaction was completed on July 31, 2004, as part of Target Corporation's divestiture strategy.

Sale of Mervyn's to investment consortium

On July 21, 2004, Target Corporation announced the sale of Mervyn's to an investment consortium including Sun Capital Partners, Inc., Cerberus Capital Management, L.P., and Lubert-Adler/ Klaff and Partners, L.P. The sale was finalized on September 2, 2004, marking a significant change in Target Corporation's portfolio.

Partnership Announcement between Target Corporation and the Salvation Army

Target Corporation and the Salvation Army announced a partnership called 'The Target/Salvation Army Wish List,' allowing online shoppers to donate goods to the organization by buying them directly from Target.com's Salvation Army donation page. This initiative was viewable between November 25, 2005 and January 25, 2006.

Discrimination Lawsuit Against Target Corporation

The United States Equal Employment Opportunity Commission (EEOC) filed a discrimination lawsuit against Target Corporation for unlawfully denying reasonable accommodation to an employee with multiple disability-based impairments and substantially reducing his work hours due to the medical conditions. This violated Title I of the Americans With Disabilities Act (ADA) and Title I of the Civil Rights Act of 1991.

Closure of Target Garden Centers

In September 2010, all of Target's garden centers, located in Target, Super Target, and Target Greatland stores in California, Nevada, Arizona, and Florida, closed. Target spokesperson Jana O'Leary stated that the closure was due to the lack of significant value to guests and the unprofitable nature of the business.

Target's pregnancy prediction score controversy

On February 12, 2012, The New York Times published an article detailing Target's statistical model using customer data to assign a 'pregnancy prediction score', leading to public backlash and privacy concerns.

Data breach investigation

On December 18, 2013, Target began investigating a major data breach potentially involving millions of customer credit and debit card records, leading to significant repercussions for the company and its customers.

Release of New Women's Intimates, Loungewear, and Sleepwear Brands

On February 25, 2019, Target released three new intimates, loungewear, and sleepwear brands for women, including Auden and Stars Above. This expansion of their in-house brands demonstrates Target's commitment to offering a diverse range of products to its customers.

Launch of All in Motion Brand

On January 9, 2020, Target announced the launch of its new activewear brand, All in Motion, catering to men, women, boys, and girls. The brand's logo pays tribute to a previous Dayton's logo.

Participation in COVID-19 Testing

Target, along with other major retailers, participated in using their stores for testing of COVID-19 during the pandemic.

Introduction of Favorite Day Brand

On March 9, 2021, Target introduced a new brand called Favorite Day, offering bakery, snacks, candy, premium ice cream, cake-decorating supplies, and beverage mixers and mocktails items. It was launched on April 5, 2021.

Target faces backlash over Pride Month merchandise

In May 2023, Target received threats and withdrew Pride Month merchandise from stores in response to viral posts and outrage among anti-LGBTQ groups, highlighting the ongoing challenges faced by the company in supporting the LGBTQ community.

Target's Diane von Furstenberg line sets off fashion frenzy

On March 23, 2024, Target's Diane von Furstenberg line caused a fashion frenzy, attracting significant attention and excitement in the fashion industry.

End of the Timeline
Target Corporation

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