“Following a thorough, strategic review of our business, coupled with a careful evaluation of the changing retail landscape, we have identified the key initiatives that will put Target on a clear path to growth,” says Brian Cornell, chairman and chief executive officer, Target. “We’re focused on our future and building the capabilities that will take us further, faster. Redefining Target will require a renewed emphasis on prioritization and innovation, and above all else, putting our guests first in everything we do.”
In addition to the job cuts, other initiatives, which will generate $2 billion in cost savings over the next two years, include:
A channel-agnostic approach to its business (guests who shop Target in stores and online generate three times the sales compared to guests who shop in stores only);
Prioritization of the style, baby, kids and wellness merchandise categories as areas of focus;
Offering more locally relevant products; and
A focus on more flexible store formats such as TargetExpress and CityTarget (eight new TargetExpress locations will open this year).
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