Target Corporation Essay

3134 Words Apr 14th, 2008 13 Pages
The Target Corporation, what used to be known as the Dayton Dry Goods Co., is an American retailing company that was founded in Minneapolis, Minnesota, in 1902. In 1962, the first Target store was opened in Roseville, Minnesota. It is the fifth largest retailer by sales revenue in the United States behind Wal-Mart, The Home Depot, Kroger and Costco. The company is ranked 33rd on the 2007 Fortune 500. Target operates its retailing business exclusively in the United States. It is a rival with Kmart and Wal-Mart. Target was listed in Internet Retailer's list of the top 500 retail web sites in 2007 also, this not only proves of brick and mortar sucsess but also online retail.
In 1902, George Dayton constructed a six-story
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Three months later, on June 9, 2004, Target Corporation announced its sale of the Marshall Field's chain and several Mervyns stores to St. Louis, Missouri-based May Department Stores, which became effective July 31, 2004. On July 21, 2004, it announced the sale of Mervyns to an investment consortium including Sun Capital Partners, Inc., Cerberus Capital Management, L.P., Lubert-Adler/ Klaff and Partners, L.P., which was finalized September 2. Target Stores expanded to 1308 units and reached $46.8 billion USD in sales. In 2005, it reached 1397 units and $52.6 billion in sales, and in 2006 it expanded to 1488 units and sales reached $59.4 billion. In May 2005, Target began operation in Bangalore, India, and these operations currently support all Target business units. In 2006, Target completed construction of the Robert J. Ulrich Center in Embassy Golf Links in Bangalore, and Target plans to continue its expansion into India with the construction of additional office space at the Mysore Corporate Campus. On January 9, 2008, Bob Ulrich, current CEO of Target Corporation, announced his plans to retire, and named Gregg Steinhafel as his successor. This is due to Target Corporation policy which requires its high ranking officers to retire at the age of 65. Ulrich's retirement as CEO will be effective May 1st, but he will remain the chairman of the board until the end of the 2008 fiscal year.”

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