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2024-11-02 14:24:43

Target Corporation

American retail corporation headquartered in Minneapolis.
Target Corporation
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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1902
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.

1902-06
Founding of Dayton's Dry Goods Company

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.

1903
Dayton's department store chain founded

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

1910
Dayton Company is established

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.

1911
Dayton's Department Store

In 1911, Dayton's Department Store is established.

1916
Founding of Associated Merchandising Corporation

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.

1918
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.

1938
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.

1946
Donation of profits to local charities begins

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.

1950
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.

1956
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.

1962-05-01
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.

1967
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.

1969
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.

1970-01
Headquarters at IDS Center

In January 1970, Dayton-Hudson announced that the IDS Center in Minneapolis would serve as their headquarters until 2000.

1975-01-01
Distribution Center Opens

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.

1976
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.

1977
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.

1978
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.

1979
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.

1980
Acquisition of Lechmere Executives and Local Shopping Mall Executives

In 1980, it acquired Lechmere executives, and two local shopping mall executives.

1981
Rapid Expansion

Dayton-Hudson is 7th largest US general merchandise retailer with over $3 billion in sales. Rapid expansion continues with acquisition of Ayr-Way stores.

1982
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.

1986
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.

1989
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.

1990-09
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.

1991
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.

1992
Creation of Everyday Hero Apparel Specialty Stores

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.

1993
Target Greatland

The first Target Greatland store opens in Apple Valley, MN as a larger hypermarket format. By 1991 there are 43 Greatland stores.

1994
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.

1995
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.

1996
Planned opening of six new SuperTargets

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

1997
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.

1998
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.

1999-01
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.

2000-01
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.

2000-09
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.

2001-01
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.

2002
Special Edition Variant of Game Boy Advance

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.

2003-10
SuperValu's Facility in Phoenix Converted to Serve Target Exclusively

In October 2003, SuperValu's facility in Phoenix, Arizona, was converted to exclusively serve Target, marking a significant change in the distribution network.

2004-03-10
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.

2004-06-09
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.

2004-07-21
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.

2004-08-09
Target Trials RFID Technology in Dallas–Fort Worth Metroplex

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.

2005-01-08
Closure and Demolition of Store

On January 8, 2005, a store in Minnesota was closed and demolished to make room for a SuperTarget.

2005-05-24
Target GiftCard Wooden Design Patent

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.

2005-06-23
Opening of Target Showroom in Bloomington, Minnesota

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.

2005-09-30
Refusal of emergency contraception at Target store

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.

2005-11-14
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.

2005-11-25
The Target/Salvation Army Wish List

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.

2006-01-31
Target Corporation Responsibility Report

Target Corporation released its Responsibility Report on January 31, 2006, detailing its commitment to social and environmental responsibility.

2006-02-28
Target GiftCard Edible Product Patent

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.

2006-08-03
Expansion to Hawaii

As of August 3, 2006, Target Corporation planned expansion to Hawaii.

2007-06
Introduction of Reusable Shopping Bags

In June 2007, Target began offering reusable shopping bags as an alternative to disposable plastic bags, as part of their sustainability efforts.

2007-12
Pershing owns 10% stake in Target Corporation

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.

2008-01-09
Bob Ulrich's retirement as CEO

On January 9, 2008, Bob Ulrich announced his retirement as CEO of Target Corporation, marking a leadership transition in the company.

2009-01-27
Target Closes Distribution Center in Maumelle, Arkansas

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.

2009-03-04
Expansion outside of the continental United States

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.

2009-06-15
Lawsuit Against Target for Illegal Dumping

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.

2009-08-24
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.

2009-10-01
Civil Penalty for Selling Toys with Lead Paint

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.

2010-01
Target Mobile GiftCards Rollout

Beginning in January 2010, Target Stores rolled out Mobile GiftCards, through which one can produce a GiftCard barcode on any web-capable cell phone.

2010-02
Lead Contamination in Valentine's Day 'Message Bears'

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.

2010-09
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.

2011-01-13
Expansion into Canada

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.

2012-02-12
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.

2013-12-18
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.

2014-07
Opening of first TargetExpress store

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.

2015-01-15
Closure of all Canadian outlets

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.

2015-09-10
Ceasing of Cherokee Brand

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.

2016-08-17
Target's Addition of Private Bathrooms

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.

2017-04-27
Corporate Goal for Rooftop Solar Panels

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.

2017-10-02
Launch of Drive Up Online Order Service

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.

2017-10-19
Opening of Small-Format Store in Vermont

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.

2018-04-23
Expansion of Electric Vehicle Program

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.

2018-12-05
Fining for Illegal Disposal of E-Waste and Medical Supplies

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.

2019-02-25
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.

2019-08-25
Partnership with Walt Disney Company

Target announced a partnership with the Walt Disney Company to have a Disney Store in several Target locations.

2019-10-08
Partnership with Tru Kids to Relaunch Toysrus.com

Target announced a partnership with Tru Kids to relaunch the website of Toys 'R' Us, redirecting customers to Target.com to complete the order.

2020-01-09
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.

2020-03-13
Participation in COVID-19 Testing

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

2020-07-16
Requirement of Masks in U.S. Stores

Target joined other major retailers in requiring all customers to wear masks in its U.S. stores.

2021-03-09
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.

2022-03-17
First Net Zero Energy Store

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.

2023-05
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.

2024-03-23
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.

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Target Corporation
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