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.
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.
In June 1902, George Dayton purchased a company called Goodfellow Dry Goods, which was later renamed the Dayton's Dry Goods Company in 1903. This marked the beginning of what would eventually become the Target Corporation.
The company's roots were founded when George Dayton founded the Dayton's department store chain in 1903.
In 1910, the name of the company was shortened to Dayton Company. This marked an important milestone in the company's history as it continued to grow and expand.
In 1911, Dayton's Department Store is established.
Associated Merchandising Corporation, which later became Target Sourcing Services, was founded in 1916. It played a crucial role in the sourcing and import of merchandise for various clients before being acquired by Target Corporation.
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.
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.
Starting in 1946, the company began donating 5 percent of its annual profits to local charities. This initiative showcased the company's commitment to social responsibility and community support.
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.
In 1956, the Dayton Company opened Southdale, the world's first fully-enclosed two-level shopping center in Edina, Minnesota, a suburb of Minneapolis.
On May 1, 1962, the first Target store was opened by Dayton Company, designed as a discount version of Dayton’s department stores.
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.
In 1969, Dayton Company expanded its department store operations and merged with the J.L. Hudson Company to become the Dayton-Hudson Corporation.
In January 1970, Dayton-Hudson announced that the IDS Center in Minneapolis would serve as their headquarters until 2000.
In the period between 1975 and 1979, the first distribution center for Target was opened in Fridley, Minnesota. This warehouse was responsible for storing and shipping products to Target stores, playing a crucial role in the company's supply chain.
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.
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.
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.
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.
In 1980, it acquired Lechmere executives, and two local shopping mall executives.
Dayton-Hudson is 7th largest US general merchandise retailer with over $3 billion in sales. Rapid expansion continues with acquisition of Ayr-Way stores.
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.
In 1986, the company acquired fifty Gemco stores from Lucky Stores in California and Arizona, making Target Stores the dominant retailer in Southern California.
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.
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.
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.
In 1992, it created a short-lived chain of apparel specialty stores called Everyday Hero with two stores in Minneapolis, attempting to compete against other apparel specialty stores such as GAP.
The first Target Greatland store opens in Apple Valley, MN as a larger hypermarket format. By 1991 there are 43 Greatland stores.
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.
In 1995, the first SuperTarget store was opened in Omaha, Nebraska, offering a full-service grocery, a photography studio, a pharmacy, and restaurants.
In 1996, Target planned to open six new SuperTargets, expanding its successful general merchandise mix with grocery stores.
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.
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.
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.
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.
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.
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.
In 2002, Nintendo produced a red special edition variant of the Game Boy Advance, featuring the Target logo below the screen, reflecting Target's collaboration with gaming industry.
In October 2003, SuperValu's facility in Phoenix, Arizona, was converted to exclusively serve Target, marking a significant change in the distribution network.
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.
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.
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.
On August 9, 2004, Target announced a trial of radio-frequency identification (RFID) technology at one distribution center and 10 nearby stores in the Dallas–Fort Worth metroplex. The trial aimed to assess the efficiency of supply chain management using RFID tags on pallets and cartons.
On January 8, 2005, a store in Minnesota was closed and demolished to make room for a SuperTarget.
On May 24, 2005, the United States Patent and Trademark Office granted U.S. patent D505,450 for the 'ornamental design for credit or stored value card with wood layer' to inventors Amy L. Lauer and John D. Mayhew.
The first-of-its-kind retail concept store and showroom in Bloomington, Minnesota opened on June 23, 2005, showcasing Target's innovative approach to retail.
In September 30, 2005, a 26-year-old woman was refused emergency contraception at a Target store in Missouri. Target's conscience clause allows employees to refuse to dispense emergency contraceptives based on religious beliefs, leading to a debate about the company's policy.
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.
In 2005, Target and the Salvation Army created a joint effort called 'The Target/Salvation Army Wish List', allowing online shoppers to donate goods to the organization for hurricane victims by buying them directly from Target.com between November 25, 2005, and January 25, 2006.
Target Corporation released its Responsibility Report on January 31, 2006, detailing its commitment to social and environmental responsibility.
U.S. patent 7004398, for the 'stored-value card assembly including a stored-value card, an edible product, and a wrapper', was granted to Michael R. Francis and Barry C. Brooks on February 28, 2006.
As of August 3, 2006, Target Corporation planned expansion to Hawaii.
In June 2007, Target began offering reusable shopping bags as an alternative to disposable plastic bags, as part of their sustainability efforts.
In December 2007, Pershing Square's funds owned a 10% stake in Target Corporation, valued at $4.2 billion through the purchase of stock and derivatives.
On January 9, 2008, Bob Ulrich announced his retirement as CEO of Target Corporation, marking a leadership transition in the company.
On January 27, 2009, Target announced the closure of its distribution center in Maumelle, Arkansas, citing the need to remain competitive in the long term.
On March 4, 2009, Target expanded outside of the continental United States for the first time, opening stores on the island of Oahu in Hawaii and in Anchorage, Alaska, signaling the company's international growth.
On June 15, 2009, the California Attorney General and 20 California District Attorneys filed a lawsuit alleging that Target stores across the state had been illegally dumping hazardous wastes in landfills.
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.
On October 1, 2009, Target Corporation agreed to pay a $600,000 civil penalty for importing and selling toys with lead paint levels higher than legally allowed, as alleged by the Consumer Products Safety Commission.
Beginning in January 2010, Target Stores rolled out Mobile GiftCards, through which one can produce a GiftCard barcode on any web-capable cell phone.
In February 2010, Target pulled Valentine's Day 'message bears' from its shelves due to containing more lead than permissible under federal law for children under 12, as requested by the California attorney general's office.
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.
On January 13, 2011, Target announced its expansion into Canada through the acquisition of the leaseholds for up to 220 stores of the Canadian sale chain Zellers, representing a significant international expansion for the company.
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.
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.
The first TargetExpress store was opened in Dinkytown near the University of Minnesota in July 2014. These stores range from 14,000 to 21,000 square feet and are designed to cater to customers using public transportation.
On January 15, 2015, Target announced the closure and liquidation of all 133 of its Canadian outlets, marking the end of its troubled expansion into the Canadian market.
On September 10, 2015, Target stores announced the cessation of carrying the Cherokee brand as its partnership with Cherokee Inc. expired on January 31, 2017. It was replaced by Cat & Jack.
On August 17, 2016, Target announced the addition of a third, private, single-stall locking bathroom at many of its stores in response to the controversy surrounding its bathroom policy. This decision aimed to address the concerns raised by the public.
On April 27, 2017, Target announced a corporate goal to install rooftop solar panels in 500 buildings by 2020, aiming to reduce 15 to 40 percent of a property's energy needs.
Target announced the launch of Drive Up, a new online order service that allows guests to order merchandise online for pickup outside the store, where a Target team member greets them with their order.
Target announced the opening of a small-format store in the University Mall in South Burlington, replacing the former Bon-Ton, which closed in January 2018.
On April 23, 2018, Target announced plans to accelerate their electric vehicle program by installing charging stations at more than 600 parking spaces at over 100 sites across 20 states.
On December 5, 2018, Alameda County District Attorney O'Malley announced fining Target $7.4 million for putting illegal e-waste, medical supplies, and private information into the garbage.
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.
Target announced a partnership with the Walt Disney Company to have a Disney Store in several Target locations.
Target announced a partnership with Tru Kids to relaunch the website of Toys 'R' Us, redirecting customers to Target.com to complete the order.
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.
Target, along with other major retailers, participated in using their stores for testing of COVID-19 during the pandemic.
Target joined other major retailers in requiring all customers to wear masks in its U.S. stores.
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.
On March 17, 2022, Target announced its first net zero energy store in Vista, California, showcasing the company's commitment to sustainable and energy-efficient retail operations.
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.
On March 23, 2024, Target's Diane von Furstenberg line caused a fashion frenzy, attracting significant attention and excitement in the fashion industry.