Target is one of the largest retail stores with a net worth of 62.6 billion dollars in 2020. The stores established are more than 1800 stores worldwide. It has established its stores in 27 different countries including Chile, Mexico, Guatemala, Canada, and many others. There is a reason for the expansion of this retail store; the business strategy management.
Business growth at the start
At the start of times of Target, the founder, George Dayton, spent days and nights trying to get the sales rise. Since the first store of the retail company has opened, it has evolved the business strategies used to increase sales. First and foremost, the company made warehouses for easier distribution to the stores. This proved to be an easier and quicker way to access the products. The store made plans for the placement of the products. It did not only prove to be easier for the employees to restock but also made shopping fun and quick for the customers. the company has evolved a lot since the beginning and it still keeps on evolving continuously.
Targeting Young People
The company is gaining from catering to the needs of young people and families. The store has all products in an augmented variety. These products are found at the best prices affordable. They have set up the stores keeping the generation of today in mind. Products like clothing, home décor, baby care products, etc. are all made for the new generation.
Investing in technological advancements and software
The company started investing since it was made. The CEO of Target does not stop making its stores advanced. It is still benefitting from the 550 million dollar investment it made on starting grocery delivery Shipt Inc. in 2017. They have set up systems and software to store all the data processing in every unit. The store still does not seem to be stopping to advance it more.
The company keeps on advancing as the stores are remodeled for easier shopping and quicker restocking. They try to find ways to make the plans so versatile that the employees are vigilant without any obstacles in their way. The store is quick to grab all the customers of businesses that could not survive the harsh times. They have been starting new brands for clothes, furniture, household items, and many more.
Improved Supply Chain
Their supply chain keeps changing with time. Till last year when things were normal, they had employees restocking shelves every minute. Now with the pandemic going on, the company is quick in delivering the products to the customer’s doorstep. With their improved supply chain, they have proved to be a better retail store than Walmart, Amazon, or Kroger.
Innovation in Product Lines
The company has invested in launching new brands for each item. These brands are inexpensive and have a variety of products in the line. They have made a difference in the fashion industry proving that it is easy to sell more things in less amount of money. It has launched brands for sleepwear, essentials for houses, and still has a plan for more brands.