Company: Target Corporation
Founder: John Dayton
In 1902, John Dayton completed the construction of a six-story building located in downtown Minneapolis; he successfully rented out the edifice to R.S. Goodfellow Company. The company moved its department store to Daytons’ building. A year later, Goodfellow the storeowner retired and sold his share to Dayton. In 1903, Dayton renamed Goodfellow’s department store to Dayton Dry Goods Co.
Dayton’s store enjoyed success in Minneapolis and in 1950, purchased Lipmans Department Store Company of Portland, Oregon. However, Dayton did not integrate it with his existing enterprise but operated Lipmans as a separate company. Dayton then opened his first store in Edina, Minnesota – Southdale, the world’s first fully enclosed department store in 1956.
In 1962, Dayton Company ventured into discount merchandising with its first Target discount store in Roseville, Minnesota. By the end of the year, Dayton formed a new subsidiary – Target Stores. Initially, there were only four Target retail stores, all operating in Minnesota.
In 1968, Target Stores expanded into Missouri, opening two stores in St. Louis. A series of management transitions led to the creation of Venture Stores and the acquisition of the Lechmere chain of stores, which focuses primarily on electronics and appliances, in 1969. In the same year, Target’s parent company, Dayton, merged with JL Hudson Company of Detroit and became Dayton-Hudson Corporation.
Dayton-Hudson Corporation further expanded and acquired several department store chains in the Western coast. However, due to rapid expansion and lack of experienced executives to manage its subsidiaries, they reported a drop in sales in 1971. Management under Stephen Pistner and Kenneth A. Macke saved it from a sell-out. Target Stores, along with its holding company Dayton-Hudson, has since flourished in the industry that it operates in.
Eventually in 2000, Dayton-Hudson changed its name to Target Corporation, with the Target chain of stores as the main source of the company’s sales.
Presently, Target Stores now has 1,591 retail stores all over the U.S., except for Hawaii, Vermont, and Alaska. In 2007, it made $63.37 billion revenue.
Target Corporation’s Board of Directors
· Gregg W. Steinhafel – President and Chief Executive Officer, Target Corporation
· Roxanne S. Austin – President, Austin Investment Advisors
· Calvin Darden – Chairman, Atlanta Beltline, Inc
· Mary N. Dillon – Executive Vice President and Global Chief Marketing Officer, McDonald’s Corporation
· James A. Johnson – Vice Chairman, Perseus, LLC
· Richard M. Kovacevich – Chairman, Wells Fargo & Company
· Mary E. Minnick – Partner, Lion Capital
· Anne M. Mulcahy – Chairman and Chief Executive Officer, Xerox Corporation
· Derica W. Rice – Senior Vice President and Chief Financial Officer, Eli Lilly and Company
· Stephen W. Sanger – Chairman, General Mills, Inc.
· George W. Tamke – Partner, Clayton, Dubilier & Rice, Inc.
· Solomon D. Trujillo – Chief Executive Officer, Telstra Corp.