Mass Merchandisers: Target

I. Situation Analysis:§ Business Objective Statement: What business are they in? Ultimate business goal?

Target Corporation is the second largest American retailer and mass merchandiser (Bloomberg, 2009). It offers both everyday essentials and fashionable, differentiated merchandise at discounted prices.

§ Industry segment trends/challenges--competitive, economic, government, environment. (This information is for an industry segment, e.g. Drug Industry, not specific to any retailer)

Competitive trends

● In 2011, the top three mass merchandisers had 61 % of the total market share

(www.davidbajek.com).

● There are more online shopping kiosks in-store and centralized check out centers (ex-self

checkout)

● Developing co-brand Internet Service Providers with AOL and distributing software

(Chief Marketer)

● Mass merchandisers strategic alliances with other business (ex-Jackson Hewitt’s

partnership with Walmart to make tax services more accessible to consumers).

● Adding garden centers and fresh food highly increased sales and competition.● Sustain low prices by lowering overhead and operations costs, as well bargaining with

suppliers and buying wholesale.

Economic trends

● Mass merchandisers are not seeking middle class, they aim for high end buyers. Many

major companies believe the middle class is shrinking to such a degree that it doesn’t pay

to try and sell a mid-level retailer’s products (Katzanek).

● The top mass merchandisers incur an average Compounded Annual Growth Rate

(CAGR) of 3 %, which means the industry is growing.

● Macroeconomic indicators such as inflation, GDP, Interest rates, and unemployment rate

are having a direct impact in sales. Sales are expected to increase 3.6% vs. 5% in the past.

● Persistently high unemployment levels and a difficult environment for job seekers, in

today’s bad economy, is reducing retail spending.

● Surveys show that consumers are focused on increasing their savings and paying down

debts, which affect consumers spending patterns (http://www.plunkettresearch.com).

Government trends

● The new minimum wage in NY state has increase to $7.25 USD, and overtime pay

remains being one a half times the hourly wage.

● Obamacare was recently passed and provides a patient protection and affordable care act.

This will put more pressure on mass merchandisers that try to avoid providing health

benefits to their employees.

● Corporations that earn an income of over $18,333,333 are charged a 35% tax rate.

However, this tax can be lowered through tax breaks, deductibles and credits received

through the participation in charitable activities, refinancing, offering better healthcare

and energy saving efforts.

● New regulations regarding marijuana use for medicinal reasons could affect the

licensing of retailer’s pharmacies if not properly adhered to.

Environmental & Community trends

● Increase in demand for organic and eco-friendly products. Also, manufacturers should

follow eco-friendly practices in the production and waste of their facilities.

● Consumers look to patronize retailers who are actively involved in the community

through:

○ Sales of local products

○ Sponsorship of community events or programs

● The rising concerns about having easy access to guns. Some mass merchandisers

like Walmart, sell shotguns and hunting rifles.

● The rising costs of fuel and gas directly affect mass merchandisers transportation

costs of inventory.

§ Ownership and Management Alternatives(Corporation, Franchise, License)

Target Corporation is a publicly traded company founded in 1902 and headquartered in

Minneapolis, Minnesota. It is currently trading at $66.38 per share. The company’s retail

locations are managed by the headquarters. Within Target stores the company has licensed

departments such as Target Optical, Pizza Hut, Portrait Studio and Starbucks. The company’s

segments include U.S. Retail and U.S. Credit Card. The U.S. Retail segment includes all of the

company’s U.S. merchandising operations.

§ Goods/Services category (Industry Segment)

GOODS:

The company offers household essentials, including beauty, personal care, baby care, cleaning,

and paper products; hardlines comprising music, movies, books, computer software, sporting

goods, and toys, as well as electronics that consist of video game hardware and software; apparel

and accessories, such as apparel for women, men, boys, girls, toddlers, infants, and newborns, as

well as intimate apparel, jewelry, accessories, and shoes. It also provides food and pet supplies,

including dry grocery, dairy, frozen food, beverages, candy, snacks, deli, bakery, meat, produce,

and pet supplies; and home furnishings and décor, such as furniture, lighting, kitchenware, small

appliances, home décor, bed and bath, home improvement, automotive, and seasonal

merchandise comprising patio furniture and holiday décor.

SERVICES:

The company offers many services such as a pharmacy that offers all types of prescriptions for

adults all ages as well as pets; a walk-in clinic that treats minor illnesses, skin treatments,

vaccinations and cosmetic prescriptions; Target Optical that offers eye examinations, eyeglasses,

sunglasses and contacts; a photo center where you can print pictures, greeting cards, photo

books, vintage home videos by YesVideo, photos in motion like 3D, zoom and multi-flip effects

by TracerPix and other personalized accessories; a portrait studio where you can take

professional pictures that can be printed in many sizes and frames; the target REDcard that gives

you more incentives like 5% off everything today and everyday, free shipping at Target.com, and

30 extra days for returns; and lastly they offer in-store pick up where you can order products

online and pick up in the store for free shipping.

§ Develop a comparative analysis of your company’s SWOT and your 2 nearest

competitors. 3 SWOT's total.

A. Target Corporation SWOT Analysis

Strengths:

● Target Corporation is the second largest retailer after Walmart in US.

● Target has a strong brand, friendly shopping environment and their red bull’s eye logo

that is recognized by 97% of the United States population.

● Target differentiates itself from its competitors by offering higher quality and innovative

products at a low price.

● The company has established a relationship with the younger consumers due to its ads

and partnerships with designers such as Mossimo, Isaac Mizrahi, Liz Lange, Amy Coe,

and Michael Graves.

● Target offers the company’s RED-branded proprietary cards, Target Visa and Target

Card. These cards are only accepted at Target and provide special benefits to its holders

such as free shipping for online orders, 5 percent discount per purchase and 30 extra days

for return. This has helped to build a relationship with the consumer.

● Target Corporation runs different types of stores such as Target Greatland, Super Target,

and Urban Stores.

● Target focuses highly on the appearance of of their stores to make them appealing to the

eye.

● Target matches prices of online retailers.

Weaknesses:

● Target does not have as many locations as their largest competitor Walmart. Target does

not have stores in Vermont, Alaska and Hawaii, as compared to Walmart.

● They keep a low overhead of items and therefore run out of items quickly.

● Target focuses on self service, thus making it difficult for the consumer to always find

what they are looking for.

● In the past they have incurred lawsuits related to discrimination issues.

● Target has limited visibility in international markets.

● Workers complain about the lack of union benefits that Target refuses to offer.

● High employee turnover at store level.

● In the past they have faced complaints from customers of rodents in their food

department.

● In order to cut down costs, Target is reducing health insurance benefits for its employees

by demoting hourly employees to part-time status.

● Target is not considered a low price leader.

● Pricing perception.

Opportunities:

● Target should enter more international markets and consider expanding in countries with

an emerging middle-class. They should also enter into the states of Vermont, Alaska and

Hawaii.

● Improve pricing perception as the products are typically perceived to be priced higher

than its competitors.

● Target should further expand in the Canadian market.

● Target should continue to diversify its grocery business within their stores.

● The company should continue to engage in design partnerships in order to offer more

products that can only be purchased in their stores.

● Increase advertising for their private brands in order to increase consumer loyalty.

● The company can continue to enhance its image in the community by donating money

and encouraging more employee volunteer time for community causes.

● By expanding the variety of its products and services, Target would cater to a higher level

of customers. Target should offer more local products.

● Target can enhance its efforts to be sustainable and environmentally friendly.

Threats:

● Target faces fierce competition from current and emerging local, national and

international retail stores. For example, the merge between K-Mart and Sears reaches a

large consumer base, which ultimately competes with Target.

● In periods of difficult economy, customers look for the least expensive deals.

● Target’s decision to lower costs on health insurance may raise negative comments from

the part of consumers.

● Dependent on US market which is currently soft.

● Annual government taxes and increasing interest rates.

B. Walmart SWOT analysis

Strengths:● #1 Retailer worlwide. Walmart is the largest retailer in the world with more than $400

billion in revenue and 10,130 stores. This makes Walmart the giant that no other retailer

can match. Due to such large scale of operations, the Walmart corporation can exercise

strong buyer power on suppliers to reduce the prices. It can also achieve higher

economies of scale than competitors because of its size. Higher economies of scale

results in lower prices that are passed to consumers.

● Wide range of products. Walmart can offer a wider range of products than any other

retailer. It sells groceries, entertainment, health and wellness good, apparel and home

related products among many other categories, and offers both branded and its own label

goods. These wide range of products attracts more customers to Walmart stores.

● Cost leadership strategy. This strategy has helped Walmart to become the low cost

leader in the retail market. This strategy requires selling products at the lowest price

possible and providing a no frill services to achieve higher economies of scale and attract

masses of consumers, which is the strategy Walmart applies in business. Walmart sells

products at much lower prices than competitors do, builds warehouse style superstores

that contain extensive range of products but doesn’t offer many additional benefits or

services. All of this results in cost reductions and lower prices for consumers.

● International operations in 27 countries. Walmart does not rely solely on the sales

generated from US stores, as its competitors do. It has earned $135 billion in sales in

2013 from its international operations, which grew at a much faster rate than sales in the

home market. Foreign markets open up new opportunities for Walmart’s growth and

provide new experiences for the company as it operates quite differently abroad than in

the home market.

Weaknesses:

● Labor related lawsuits. Walmart faces labor related lawsuits every year, which cost

millions of dollars for the company. It is criticized for poor work conditions, low wages,

unpaid overtime work and female discrimination. In addition to litigation costs,

corporate’s reputation has been damaged and fewer skilled workers are willing to work

for it.

● High employee turnover. The business suffers from high employee turnover that

increases the firm’s costs, as it has to train new employees more often. The main reason

for high employee turnover is low skilled, poorly paid jobs.

● Little differentiation. Walmart has no differentiation compared to its competitors, which

might hurt the company in the future if commodity prices or average consumer income

increases. In this case, low cost leadership strategy wouldn’t be as effective as it currently

is and Walmart’s main competitive advantage would erode.

● Negative publicity. The company is often criticized for its questionable practices such as

bribery of authorities or poor work conditions. Negative publicity damages the

company’s reputation.

Opportunities:

● Retail market growth in emerging markets. Retail markets grew by at least 5% on

average in emerging markets in the last year, opening huge opportunities for Walmart’s

revenue growth. The business currently operates in Brazil, Mexico, China and India

markets. Walmart should increase its presence in these markets to sustain future growth.

● Rising acceptance of own label products. The sales of store label products have

increased by more than 40% over the last 10 years. This reveals increasing consumer

acceptance of supermarket chain products compared to national brand products. Walmart

has an opportunity to increase the number of store label products sold at its stores and

earn higher profit margins.

● Trend toward healthy eating. The current trend of eating healthier food has resulted in

higher demand for grocery products. Walmart has an opportunity to expand its grocery

stores to earn more income from this trend.

● Online shopping growth. Online retail sector grew by 4.7% in the US in 2011, reaching

$197 billion. Walmart being the biggest brick-and-mortar retailer has huge opportunities

to expand its presence in online retail markets. The company can offer customers the

convenience of picking up their online-ordered goods from either of the 10,000+ stores

and can even offer lower prices online than at the store. As a result, Walmart can reach

more customers and increase its revenue.

Threats:

● Increasing competition from brick and mortar and online competitors. Competitors

like Target, Costco, Amazon and Tesco (in UK) are putting huge efforts to eliminate the

price differences that Walmart enjoys. Besides their lower prices, Walmart doesn’t differ

from other low cost retailers and will experience increased competition from them in the

future.

● Increasing resistance from local communities. Walmart superstores have a negative

impact on local retailers and communities. Some of the local retailers are usually forced

to close off when Walmart superstores open in the area. This affects not only the retailers

but their families and the community as a whole.

● Rising commodity product prices. Rising commodity prices squeeze Walmart’s profit

margins and erode its competitive advantage. As prices go up, the cost difference

between the retailers decreases and competition shifts from price to product and service

differentiation.

● Currency exchange rates.

C. Sears Holdings SWOT Analysis:Strengths:

● Sears owns a number of trademarks and brand names with which consumers are familiar.

In addition to its namesake Sears brand, which has existed since 1912, its Kenmore,

Craftsman, DieHard, and Land’s End brands are widely known to consumers.

● Sears continues to have undrawn credit facilities at its disposal in excess of $4.3 billion.

● Sears represents SHOP YOUR WAY™, which is a social shopping experience where

members have the ability to earn points, receive additional benefits and interact/shop with

each other through shopyourway.com.

● Sears is the leading home appliance retailer as well as a leader in tools, lawn and garden,

fitness equipment and automotive repair and maintenance.

● The company has been in the industry since 1893, much earlier than its main competitors.

Weaknesses:

● The condition of many stores has gone neglected, as evidenced by journalists

commentary and 10 years of capital expenditures far below depreciation. This has led to a

poorer shopping experience and given its competitors, whose capital expenditures have

predominantly exceeded depreciation, a strong advantage in attracting buyers dollars.

● Loss of market share. Despite most of Holdings’ competitors seeing a rebound in

revenues over the last two years as the economy recovers, Holdings’ revenues have

continued to decline, indicating that shoppers are leaving the retailer for its competitors.

● Holdings’ inventory turnover has declined over the last 5 years and is currently well

below that of retailers offering similar products. In addition to harming revenue, this

represents an increased risk that the retailer will have to discount older merchandise in

order to move it off their shelves.

● Revenue from the “services and other” segment lower than the industry average

potentially indicates a missed opportunity to sell extended service plans.

Opportunities:

● Many department stores are focusing more on the 18-30 year old demographic by

offering fast fashion apparel to compete with retailers like Forever 21. Private label

brands such as the Kardashian Kollection could attract younger shoppers and help Sears

increase traffic and introduce the brand to a demographic that does not currently have a

reason to shop there.

● While e-commerce revenues still make up a negligible percentage of Holdings’ sales,

2012 revenues grew by 16% from the year before. Its new Sears.com Marketplace

competes directly with Amazon’s, and will even house and ship seller’s merchandise – a

service Amazon does not provide. “Bricks and clicks” integration, allowing customers

to shop and purchase online but pickup in-store gives it another advantage over online-

only retailers.

● Holdings’ revenue per FTE (full time equivalent) is lower than that of its competitors, yet

some claim sales associates are less helpful and knowledgeable than those at other

retailers, potentially due to lower employee satisfaction and higher turnover. If Sears

could invest more heavily in its sales staff, it would improve customers’ shopping

experience and be more competitive.

● Holdings’ “Shop Your Way Rewards” will increase customer loyalty and give the retailer

better insight into consumers buying behavior.

Threats:

● Economic slump, caused by a difficult economy.

● Minimum wage increases can affect the company’s operating income.

● Increased interest rates.

● An increase in competition in the industry from brick-and-mortar to e-commerce stores

can affect their sales. (example- Amazon)

● A natural disaster in the United States or countries where mass merchandisers outsource

from, can impact their operations.

II. Objectives: see “Attachment A” (25 points)Section #1 (Financial Charts for Target and competitors)

Target:

A: In 2012, Target sales increased due to increased sales of 5.1 percent in their U.S. Retail

Segment. The increase in sales was reflected by 2.7 percent comparable-store increase, the

contribution from new stores and the additional week in fiscal 2012.

B: Comparable store sales decreased because Target discounted merchandise due to the

economic conditions. Also, through their REDCard program there has been an increase in loyal

consumers at the cost of having to provide a discount to everyone.

C: Target’s gross margin rate decrease in each period reflects the impact of their integrated

growth strategies of their 5% REDcard Rewards loyalty program and their store remodel

program, which impacted the rate by 0.4 percent and 0.5 percent in 2012 and 2011, respectively,

partially offset by underlying rate improvements within categories in 2011. The REDcard

Rewards loyalty program reduces gross margin rates because it drives incremental sales among

guests who receive a 5-percent discount on virtually all items purchased.

Walmart:

A: In 2013, Total revenues increased due to 3.3% growth in retail square feet and positive

comparable store and club sales.

B: The increase in net sales for fiscal 2012 was due to a 2.4% increase in comparable store and

club sales and 5.3% growth in retail square feet, which includes square feet added through

acquisitions. Comparable store sales increased as a result of improved average ticket and an

increase in customer traffic, due to gain of market share.

C: The decline in gross profit rate during fiscal 2013 is primarily due to the Walmart U.S.

segment’s strategic focus on price investment and low price leadership.

Sears Holdings

A: In 2012 revenues decreased 4.12% primarily as the result of having fewer Kmart and Sears Full-line stores in operation, a decrease in domestic comparable store sales of 2.5% and the separation of the Sears Hometown and Outlet businesses, partially offset by the inclusion of an additional week of revenues in 2012.

B: In 2012 the decline in comparable sales was driven by decreases in consumer electronics, lawn and garden and home appliances as well as at Sears Auto Centers. These decreases were partially offset by increases in apparel and home. C: In 2012 and 2011, gross margin declined largely due to expenses related to store closures and in 2012, also caused by a decrease in gross margin in Sears Canada related to the impact of foreign currency exchange rates.

Section #2§ Corporate imageTarget is an upscale discount retailer that provides high-quality, on-trend merchandise at attractive prices in clean, spacious and guest-friendly stores along with their online business, Target.com.

§ Business Objectives as stated by the retailer (see annual report and press releases to find at least 6 objectives.)

● Target plans to continue working toward offering the consumer value proposition by enforcing their slogan “Expect More. Pay Less.” Target plans to expand its Price Match Guarantee to include selected online competitors.

● In 2013, Target Corporation is undertaking the largest, single year store expansion, at a national and international level, in its history. Target will extend its CityTarget urban format to additional locations such as Los Angeles and San Francisco, and for the first time in Portland, Oregon. Target plans to continue its international expansion in the Canadian market, by opening 124 new stores in 10 provinces during 2013.

● Target aims to continue its efforts to differentiate itself, by offering a unique assortment

through their design partnerships, outstanding portfolio of owned brands and curated selection of signature national brands. They plan on partnering with Peter Pilotto for apparel, Chris March for Halloween wigs, and Justin Timberlake for a special edition of an album.

● Target aims to reach at least $100 billion in sales and $8 in earnings per share in 2017.

● By 2015 Target’s goal is to raise $1 billion to support education through their Take Charge of Education (TCOE) program, and strengthen local communities by increasing team member volunteer hours by 700,000.

● Target plans to increase its sustainable seafood selection by 100% by 2015, improve at least 50 owned-brand packaging by 2016, and increase its organic food offerings by 25% by 2017.

● Target desires to improve their transportation efficiencies inbound by 15% and outbound by 20% (to and from distribution centers).

● By 2015 Target plans to reduce greenhouse gas emissions per square foot by 10% in 2015 and per retail sales by 20%, and increase their ENERGY STAR certifications by 75%.

● Target seeks to reduce their amount of operating waste sent to landfills by 15% and reduce water use by 10% per square feet, both by 2015.

● Increase the percentage of eligible team members and dependents enrolled in a Target health plan by 80% and increase team members participating in the Target 401(k) by 30%.

● Guests participating in both 5% Rewards and Pharmacy Rewards shop more often and spend more across the store than guests who participate in only one of these programs. Throughout 2013 and beyond, target plans to explore ways to extend these programs and find new ways to drive guest engagement, traffic and sales.

● In 2013, Target is planning to increase their investment in technology and supply chain to enhance their multi-channel capabilities. They will apply a test and learn approach to discover what our guests value most, while assessing the impact on their operations.

● In 2013, Target seeks to provide more shopping flexibility to consumers and continue to offer price transparency, as well as stay up to date with rapid changes in technology. Target will increase its investment in their digital platforms, to create a seamless, relevant and personalized shopping experience.

III. Identification of Consumer Characteristics- demographics FOR YOUR RETAILER ONLY§ Identify specific market segments targeted by the company

Target Corporation targets young middle class consumers who desire to have a luxurious but affordable lifestyle. The median age of their consumers is 40 and they have a household income of approximately $64K. Additionally, 43% of their consumers have children, and 57% have completed college. IV. Overall Strategy/Specific Activities: FOR YOUR RETAILER ONLYA. Description of Product/Service

§ Describe your retail business

Target operates as three reportable segments: U.S. Retail, U.S. Credit Card and Canadian.a. U.S Retail includes all of our U.S. merchandising operations. They offer both

everyday essentials and fashionable, differentiated merchandise at discounted prices.

b. Target sells a wide assortment of general merchandise and food in stores. Target’s general merchandise and CityTarget stores offer a food assortment on a smaller scale than traditional supermarkets, while the SuperTarget stores offer a full line of food items comparable to traditional supermarkets. Over the past several years, Target has remodeled many of their general merchandise stores to expand the food assortment to include perishables and additional dry grocery, dairy and frozen items. The digital channels include a wide assortment of general merchandise, including many items found in stores and a complementary assortment, such as extended sizes and colors, that are only sold online.

c. U.S. Credit Card Segment offers credit to qualified guests through their Target Credit Card and the Target Visa. Additionally, target offers a branded proprietary Target Debit Card. Collectively, these REDcards help strengthen the bond with their guests, drive incremental sales and contribute to the results of operations.

d. Canadian Segment includes costs incurred in the U.S. and Canada related to our 2013 Canadian retail market entry

§ What percent of their product line is private label vs. national brands?a. About 20% of the brands are private.b. Target owns 18 brands. A few of these include Circo, Embark, Spritz, etc. c. There are 22 brands that exclusively sell their products in Target stores

(https://corporate.target.com)

§ Identify business positioning as it relates to competitiona. Target exclusive brands have evolved from private labels to a carefully edited assortment of quality brands guests seek.b. Differentiation strategy, and rank is a top reason guests shop at Target.

B. Pricing Strategy

§ Competitive Pricing (Pricing Techniques)a. Target Corp. is overhauling its pricing strategies as it tries to win price wars with

Wal-Mart Stores Inc. and Amazon.com.b. Target announced its year-round price matching policy with the aim of offering its

patrons the facility to match the prices being offered by online retail giants.§ Competitive position as it relates to pricing

a. Offers personal care items, such as bathroom products and make up etc. at an average price 5.39% lower than its main competitors.

Walmart Sears Target

Jeans $12.88 $14.99 $12.48

Video games $59.00 $59.99 $59.99

Bar soap $0.79 $0.59 $0.79

Advil $6.88 $7.99 $7.99

§ Multiple pricing (if applicable)c. Target provides its customer with a variety of deals including buy one get one free

deals, 2 for the price of 1, buy 2 get 1 free, etc. This multiple pricing is more prominently available for grocery items, but is also available for certain electronics including video games.

§ Service componentsd. Credit card services: “Target card” which offers savings and discounts. e. Gift registry.f. Price checkers located throughout the stores.g. Large shopping carts with in-built baby seat.h. High number of efficient registers that allow for speedy checkout. i. No solicitation policy to provide distraction-free shopping. j. Mobile app notifies on the latest news, updates, deals, sales, coupons, and much

more. k. Savings programs such as REDcard and Cartwheel.

§ Warranteesa. Most electronic items come with 1 year limited warranties.b. Extra warranties for electronic devices are available for purchase.

C. Distribution Strategy:Through which distribution channel(s) can the consumer make a purchase from this retailer?

a. Their own brick and mortar storesb. Onlinec. Catalog

Target distributes its merchandise through a network of distribution centers, as well as third parties and direct shipping from vendors. Further, it provides general merchandise through its Website, Target.com; and branded proprietary Target Debit Card. (http://www.businessweek.com)

D. Promotion

§ Advertising and promotional plan including social media efforts/strategies.1. Target has evolved from an in-store experience to promoting and interacting with

guest through Twitter, Facebook, Youtube, Instagram, Pinterest, Linkedin, and Tumblr.

a. Twitter: Target has created six different accounts1. @Target: Tweets information on the latest and upcoming products 2. @ABullseyeView: In depth promotion for each Target twitter account.

3. @TargetStyle: New styles, trends, and make-up.4. @TargetCareers: Informs when hiring, interview and career tips5. @AskTarget: Guest service, also receives feedback and questions from

followers 6. @TargetDeals: Promotes all the deals from @Target in one place.

b. Facebook: Target has Three different accounts1. Target- Target Facebook page is a community for the fans to actively

engage with Target and each other. 2. Target Baby- From the littlest essentials, to the biggest deals, Target Baby

is Promoting their one-stop registry shop.3. Target Style- Advertises their latest and upcoming deals, while

promoting their fashion and beauty productsc. Youtube:

1. Target, Target Careers, and A Bullseye View are the three different channels.

2. All of the channels descriptions are similar to the twitter accounts.3. Has various videos pertaining to the Target exclusive brand, commercials,

target styles and more e.t.c d. Instagram:

1. Target on Instagram- Promoting the slogan Expect More. Pay Less. We hope you see something you "Like", as they promote their products.

2. Target Style- Promoting the freshest mix of fashion and beauty that won't break the bank.

3. C9 at Target- C9 by Champion at Target empowers everyone to live an active, healthy, fit life. Because an active life is a life well lived

4. Target Careers- One career. A million opportunities. Be part of a team that has revolutionized retail and championed design. Join our team. Expect the best.

2. In 2008, Target introduced it’s official mascot: “Bullseye” the dog. Bullseye, a Bull

Terrier, is featured in Target’s commercial campaigns, store signage and other various marketing campaigns.

3. Target further promotes a positive brand image through its social responsibility initiatives. These areas of commitment include education, environment, health & well-being, responsible sourcing, safety & preparedness, team members, volunteerism.

§ Costs allocated for advertising and promotions

2012 2011 2010

Gross advertising costs $1,653 $1,589 $1,490

Vendor income 231 229 198

Net advertising costs $1,422 $1,360 $1,292

Advertising costs were $1,360 million in 2011, $1,292 million in 2010 and $1,167 million in 2009. Vendor income that offset advertising expenses was $256 million, $216 million and $179 million in 2011, 2010 and 2009, respectively. Newspaper circulars, internet advertisements and media broadcast made up the majority of Targets advertising costs in all three years.

§ Types of advertising media usedFeature large amounts of user content, such as reviews and product images through social media.

1. Offer exclusive deals; and quickly respond to users’ comments and needs.

2. Television, print, email, direct mail, billboards, in store, newspaper, billboard, magazine, tv, catalog and Internet ads are the ways to reach the Target Audience.

Walmart Sears Target

Likes

34, 013,413 3,001,974 22,314, 716

Followers

409,956* 74,799** 939,752***

Followers

8,561 1,250 131,518

Subscribers

9,183 4,442 18, 979

*Walmart has 10 twitter accounts: @Walmart, @WalmartNewsroom, @WalmartHub, @ChangeWalmart, @WalmartSpecials, @WalmartGiving, @WalmartAction, @WalmartCareers, @WalmatGreen, @WalmartLabs

**Sears has 6 twitter accounts: @SearsCares, @SearsStyle, @SearsDeals, @SearsBlueCrewHa, @SearsAuto, @Sm_Sears

***Target has 7 twitter accounts: @Target, @TargetStyle, @TargetCanada, @TargetCareers, @TargetDeals, @TeamTarget, @TargetCorporation, @TargetCenter

V. Analysis – Pros and cons of the strategy (20 points)FOR YOUR RETAILER ONLY

§ Were short and long-range goals met?

● In order to continue offering the consumer value proposition by enforcing its slogan, “Expect More. Pay Less.”, Target has improved its price matching policy. The company has expanded its list of price matching competitors and now includes Amazon, Walmart, BestBuy, ToysRUs and BabiesRUs. They will match the competitor's online prices, as well as local printed ads with proof of the current lower price (https://corporate.target.com).

● As of August 3, 2013 Target has increased its number of stores by 10 since the previous fiscal year currently maintaining 1,788 stores in the US Segment. The breakdown of the stores are the general merchandise stores that decreased by 67 stores from 391 to 324; the expanded food assortment stores that decreased by 75 stores from 1,131 to 1,206; the

SuperTarget stores that remained the same at 251 stores, and the CityTarget stores that increased from 5 to 7 stores. Target is five months into their market launch in Canada and has currently opened 68 stores and is prepared to successfully open 56 more to make their goal of 124 stores by the end of this fiscal year (http://investors.target.com).

● Target has continued its efforts to offer unique assortments through their design partnerships. In 2013, the company announced its collaboration with Peter Pilotto at the designer’s runway show at London Fashion Week in Spring 2014.The designer’s apparel will be available in most Target stores in the U.S. and Canada, as well Target.com by February 2014. Target has also partnered with Net-A-Porter.com to offer international markets Peter Pilottos’ limited edition Target Collection. Additionally, Target teamed with the fashion and costume designer Chris March to create an exclusive line of Halloween wigs which was made available in stores and on Target.com on September 2013. Target also partnered with the six-time GRAMMY® Award-winning Justin Timberlake to release a special edition of the continuation of the artist’s “The 20/20 Experience- 2 of 2”, which was made available in stores and online on September 30 (http://pressroom.target.com).

● Pursuing their goal to achieve $100 billion in sales and $8 earnings per share by 2017, by the end of their second quarter of fiscal year 2013 the company had achieved $33,823 billions and basic earnings per share of $1.74. By the end of the company’s second quarter of fiscal year 2012 it had achieved $32,988 billions in sales and $1.07 basic earnings per share, and by the end of the same quarter of fiscal year 2011 it had incurred sales of $31,475 billions and $1.03 earnings per share (https://corporate.target.com). These figures indicate that for the second quarter of fiscal year 2013 Target incurred 2.53% increase in sales and 62.62% increase in earnings per share, and in 2012 it incurred sales increase of 4.80% and 3.88% increase in earnings per share. As a result, in fiscal year 2013 Target’s second quarter overall sales increased compared to the previous fiscal year, however the percentage sales increase for fiscal 2013 was not as high as that of fiscal 2012. This means that the company has to continue its efforts to reach its increase in sales goal. Also, the percentage increase in the earnings per share indicate that Target is right on track toward its goal of increasing its earnings per share.

● As of the fiscal year end 2012, Target Corporation is on track with their goal to reach $1 billion to their TCOE program. They have currently raised and donated $98 million for education in 2012 bringing their total amount given to $777 million. They have accomplished this through programs such as their Facebook social giving campaign “Give with Target”, local store and distribution center grants, and partnerships with reading-focused organizations (https://corporate.target.com/). Target is also on track with their goal of volunteer hours by launching a “Track Your Hours campaign”, have community captains to help motivate team members and keep track of the hours. By the

fiscal year end 2012 they were at 679K volunteer hours which is only 21K away. Since they had a 42.95% increase in hours from fiscal year end 2011- fiscal year end 2012, there is no doubt that they will be able to obtain their goal by the end of this fiscal year.

● By the end of fiscal year 2012, 50 percent of Target’s seafood assortment was sustainable, traceable or in a time-bound improvement process which the company has attained by improving its sustainable sourcing of shrimp and tilapia, as well as introducing canned tuna that is caught via responsible fishing practices (https://corporate.target.com). In order to reach their goal by 2015, Target expects to double their percentage increase in a period of three years. In fiscal year 2012 it accomplished only a 10% increase, which means the company has to increase its efforts to be able to reach its goal. Additionally, by the end of fiscal year 2012, Target was able to attain 11 new sustainable packaging designs by reducing materials and including more recycled and renewable content, resulting in an annual savings of more than 813,000 pounds of material (https://corporate.target.com). This means that Target is on the right track to meeting its goal of 50 sustainable packaging designs by 2016. Also, Target is doing very successful on its efforts to increase its organic offerings. In 2013, the company launched its new private label line called Simply Balanced, mostly made up of certified organic ingredients, and it claimed that by 2014 the entire line will be completely organic (http://www.rodalenews.com).

● Target has attained their inbound and outbound transportation goal 3 years in advance but they want to assure their high level of performance so they keep trying to find cleaner and more fuel efficient transportation practices through eliminating miles and loads. By the fiscal year end 2012 they improved their inbound transportation efficiency by 26% to 1.4 per mile compared to their 1.1 carton per mile in 2009 and improved their outbound transportation efficiency by 24% to 12.3 cartons per mile compared to 9.95 cartons per mile in 2009 (https://corporate.target.com).

● Target is likely to reach its goal to reduce greenhouse gas emissions per square foot by 10% and per retail sales by 20%, before its benchmark year in 2015. By the end of fiscal year 2012, the company achieved 8.4% per square foot and 10.5% per retail sales, which was an increase of 3.4% per square foot and 7.5% per retail sales since the previous fiscal year. These results were obtained through the company’s energy efficiency projects like lamp retrofits in our stores and equipment monitoring. Furthermore, Target will also attain its goal of 75% increase in their ENERGY STAR certifications before its benchmark year in 2015. At the end of fiscal year 2012, the company certified 45% of its buildings, which was a 14% increase since their previous fiscal year. target accomplished this through energy efficient projects completed as it remodeled its stores (https://corporate.target.com).

● By the end of fiscal year 2012, Target was able to decrease by 1.4% its amount of waste sent to landfills by expanding their plastics recycling program and new protein and metal donation programs. The company will have to increase its efforts to be able to achieve its goal to reduce waste sent to landfills by 15% by 2015. Moreover, Target will also have to increase its efforts to accomplish its goal of reducing water waste by 10% by 2015. By the end of fiscal year 2012, the company fell behind its goal by increasing water waste by 2.2%. As part of its efforts to achieve its goal and reduce water waste, the company began to install smart irrigation systems in stores (https://corporate.target.com).

● Target would have to majorly increase its efforts to achieve its goal of 80% of enrolled team members in health assessments. As of the fiscal year end 2012 Target attained a 26% enrollment of team members which represents a 6% increase from the previous fiscal year. The company was able to accomplish this by offering meaningful rewards to employees for participating in the health assessments. Moreover, Target has to work harder to achieve its goal of 30% of 401(k) participants by 2015. By the end of 2012 they had achieved a 17% participation which was a 1% decrease from the previous fiscal year (https://corporate.target.com).

● Target is attaining great results in its efforts to get consumers motivated to join its REDcard Program. In May of 2013, Target paired up with Facebook to launch the Cartwheel experience which began with a selected group of REDcard holders in order to keep these consumers motivated and make them feel special. The cartwheel experience allows consumers to choose their own offers savings experience redeemable at stores and share the offers with friends on Facebook. Furthermore, in order to drive higher sales Target began offering same day delivery in collaboration with Google and Ebay. The company also launched a program that allows customers to place orders online and pick them up at stores withe purpose of driving higher traffic in stores. Moreover, Target is aggressively acquiring e-commerce sites like DermStore Beauty, Cooking.com, and Chef’s Catalog which will help boost up sales. Also, Target’s investments in the website and mobile technology drive guest engagement with the stores, and lead them to shop more across all of the channels.

● In 2013, Forrester Customer Experience Index interviewed more than 7,000 consumers about their interactions with companies from 14 different industries and whether their shopping experience was enjoyable, easy and met their needs. The results of this survey, placed Target in the fourth highest-ranking of “Excellent” out of 154 companies. Target Corporation increased its overall score by three points compared to their score last year. According to the results, Target ranked ahead of Amazon, Costco, JCPenney and WalMart (https://corporate.target.com). This result indicates that Target is right on track on meeting their goal to master what consumers value the most. Additionally, Target is

working toward meeting its goal on technology and supply chain. According to Target’s second quarter report of 2013, the company continues to increase its investments in technology and supply chain in support of its multi-channel initiatives and its vendor agreements (https://corporate.target.com).

● To ensure that Target continues offering price transparency to consumers, Target’s vendors are required to submit monthly reporting on all sales and recycling activities, which, along with site audits, allows visibility into vendor processes. Additionally, Target continues to enforce the California Transparency in Supply Chains Act of 2012, which requires retailers to disclose their efforts to eradicate slavery and human trafficking within their supply chains. The law’s underlying purpose is to educate consumers so that they can make informed decisions and purchase goods from companies that responsibly manage their supply chain. (https://corporate.target.com). Technological goals have & will continue to be achieved through Target’s recently opened technology and innovation office in Silicon Valley. This office gives Target a position to stay up to date with rapid changes in technology and further invest in digital platforms, such as its mobile and digital shopping services. Target has also begun to offer free wireless internet in all stores to give customers a better shopping experience while using Target mobile apps. Target will also start testing in-store pickup for online purchases and more mobile checkout features (https://mercurynews.com).

§ What would you recommend?(Relate your comments to you retailers Strengths, Weaknesses, Opportunities and Threats)

● We recommend that Target continues its international expansion and begins by doing so in South America. In this region, there is a large rising middle-class which makes the perfect market segment for Target. Additionally, in Latin America, American companies are perceived as having better quality products and this would make it easier for Target to introduce itself in the market. During this expansion into a new market, Target can consider buying existing retail chains that already have buildings, warehouses and transportation trucks in place instead of building new plants which would be more costly and time consuming. Thus, Target will just have to make the investment of the purchase and develop strategies and logistics for the Latin American market.

● Target has received a lot of complaints about running out of items, particularly

electronics. In order to prevent this problem, we recommend that Target implement a

better re-stocking system that automatically calculates which items are running low. By using a point-of-sale stocking system, the inventory of items would automatically be updated through accurate computer softwares, and would thus be replenished accordingly to prevent running out of stock. This system would also remove the potential for human error and would be extremely fast and cost efficient. In an interview we conducted with a Target customer, the customer reported that they had gone to Target on 2 separate occasions to purchase an oven and a television. On both occasions, the desired item was on display at the store, but was not in stock. The items were then placed on order, but after nearly 4 weeks had still not been delivered to the customer. As a result, the orders were both cancelled and Target found themselves dealing with an extremely unhappy customer.

● Target constantly demonstrates interest in helping the community and ensures its actions are socially responsible. The company could consider partnering up with North Shore Animal League America, and allocate a separate room in some of its stores as Target pet adoption centers for consumers to interact with and possibly adopt the animals. This would highly increase Target’s pet supplies sales and continue to enhance Target’s image in the community. The Target mascot Bullseye can be used as the face of this project.

● Target should continue to enhance its customer shopping experience. Due to the market trends of poverty-of-time there is growth potential in expanding their frozen and ready-to-eat food items to satisfy consumer’s need for convenience. One way to ensure high sales of these items and at the same time provide consumers with a delightful experience is by offering free samplings. Moreover, installing price scanners throughout the Target stores would ease consumers shopping. Target can also add a playground area for children to provide even more convenience to consumers. Another method Target could use to add to the shopping experience would be to have store mannequins displaying the latest fashion trends. This would not only be a new and fresh concept for retail stores, but would also be aesthetically appealing, would lure in more customers to the clothing department, and would also give the clothing department of Target the perception of being more high-end and/or of higher quality.

● Target should continue its expansion in the Canadian market. According to Ann

Zimmerman in the article “Empty Shelves As Canadians Camp Out For Target”, published in The Wall Street Journal, there are not many exciting places to go shopping in Canada, and when Target opened its first stores in the country, consumers would actually camp out overnight to be the first ones to explore in their neighborhood (http://blogs.wsj.com). Due to the fact that Canada is such a large country, there is great potential for growth. In the process of expansion, Target should make use of Reilly’s Law Retail Gravitation to help determine the trading area boundaries between stores and ensure that new stores do not take over the consumers of another store.

● If we were to invest in the mass merchandise retail sector, we would invest our money in

the Target Corporation. The company seems very stable, has a positive perception among consumers, and has a great potential for growth. Target’s mascot, Bullseye the dog, is very well-known in North America and has brought a very successful run of marketing campaigns for the company, thus further popularizing the brand. Target is also known for being very socially responsible and has established strong trust based relationships with communities around the country. Among the mass merchandisers, Target is perceived as one of the leading retailers that offers higher-quality and exclusive products at affordable prices. Since Target has 18 private brands and 22 exclusive brands, it has a strong base of customer loyalty. Additionally, we chose Target because we consider it better than its main competitors. Walmart’s negative perception is increasing through their poor treatment of employees, lack of social responsibility, and the low quality of their products. Also, Sears Holdings seems stagnated in the market and has severely lost market share. It is for these reasons that we believe that the Target Corporation has a more promising future than its competitors. We will gladly invest US$100,000 in the Target Corporation.

VI. References: Include 3 Annual reports, 3 Retailer websites, 3 most recent industry segment articles (-5 if omitted)

TARGET:Annual Report & 10K: https://corporate.target.com/_media/TargetCorp/annualreports/content/download/pdf/Annual-Report.pdfWebsite: http://www.target.com/

Second Quarter Report (10-Q): http://investors.target.com/phoenix.zhtml?c=65828&p=irol-sec

WALMART: Annual Report: http://stock.walmart.com/annual-reports10K: http://www.sec.gov/Archives/edgar/data/104169/000119312512134679/d270972d10k.htmWebsite: http://www.walmart.com/

SEARS HOLDINGS CORPORATION: Annual Report & 10K: http://www.searsholdings.com/invest/financial_info.htmWebsite: http://www.searsholdings.com/

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