We are all familiar with the popular company that is Target, especially within the North American region. Starting from its vast number of outlets, its diversity, and the convenience it offers to all its customers, we have been more or less familiar with it all. Yet, surprisingly, we do not know much about the person and the actual corporation behind it all.
As of now, the owner of Target is Brian Cornell who is the Boardman and CEO. He handles the powerful global team of the business. Additionally, in general, Target Corporation is the owner of Target.
It can be difficult to grasp who caters to what when it comes to the business. So, in this article, I have included the answers to all the questions you might have about who owns Target and other aspects of the firm you want to be aware of. I would recommend reading the whole article to clear off all your questions.
Who Currently Owns Target?
As mentioned, the organization that owns Target is Target Corporation, something you can figure out by the name. And the man who does all the leading of Target is Brian Cornell. Below, I have provided all the relevant information regarding them.
The company headquarters of Target Corporation is located in the city of Minneapolis in Minnesota. It is a retail corporation and holds the position of the eighth largest retailer in the United States of America. The corporation is actually public. Even though it was established in 1962 under a different name, it acquired the name Target Corporation in 2002.
Currently, the corporation has 1926 stores throughout the USA. When it comes to distribution centers, Target Corporation operates around 41 throughout the United States. Because of their impressive revenue and commitment to their consumers, it secured the position of 37 in the Fortune 500 list in the category of US corporations.
The Target Corporation has actively committed itself to understand their consumers better, to learn what they need so that they can properly cater to it. This is why its purpose is “To help all families discover the joy of everyday life”.
Taking over in 2014, Brian Cornell has catapulted Target toward success. And that says something about the man because at that time Target was in a disastrous position. There was the failure in the Canadian expansion and the security breach that exposed sensitive, financial information of millions of shoppers. The way Brian Cornell turned it all around is simply incredible.
To learn more details about how exactly, Brian Cornell prevented Target from fully collapsing, you can take a look at this video here.
Brian Cornell was born in 1958 in Queens, New York. In 1981, he attained a Bachelor’s Degree from UCLA. The Anderson School of Management was attended by him. Presently, his net worth is around $93.5 million.
Throughout his life, Brian has accomplished multiple awards and he has ensured that Target received similar accolades. Brian was named Top CEO of the Year by CNN. In recent years, Target was also named Company of the Year by Yahoo Finance. Target was also awarded Retailer of the Year by Mass Market Retailer.
In addition to these, The Network of Executive Women paid respect to Cornell by awarding him the William J. Grize Gender Diversity Award. In correspondence, Brian has been awarded the Yale Legend in Leadership Award.
Due to Brian Cornell’s experience and strategic skills, Brian and his team capitalized on the data, digital, and supply chain possibilities. Moreover, he focused on diversity, proper cultural representation, and teambuilding. The owner has been known to frequently visit Target outlets and ask the shoppers specific questions to know more about their experience.
What Are Some Additional Facts About the Owner of Target?
Despite all the efforts to ensure Target’s success, there are a lot of things people do not know about the owner of Target. I am referring to both Brian Cornell and Target Corporation. So, below I have included some facts you might not have been aware of till now.
Brian Cornell was mostly brought up by his maternal grandparents. From the age of six, Brian had grown up in a household without a father. Due to heart issues, his mother had to make do with welfare payments. So, for his betterment, his grandparents took his responsibility, most of the time.
He has had a very fruitful career with an impressive portfolio. From 2004 up till 2007, he served as the Chief Marketing Officer and Executive Vice President of Safeway Inc. From 2007-2009, he was the CEO of Michaels, CEO of Sam’s Club from 2009-2012, and CEO of PepsiCo Americas Food from 2012-2014. Then began his reign in Target.
Alongside these, he has served on the Board of Directors of many platforms. Examples are Yum! Brands, OfficeMax, The Home Depot, and many more. Currently, he serves on the Board of Directors of National Museum of African American History and Culture and Catalyst.
Cornell’s leadership style is that of a hands-on style. With a vision that truly wants the best for people, purpose is what drives Brian Cornell. His business strategies have been bold and also sparked controversy numerous times. He also has the ambition to cultivate a compassionate environment for all his employees.
Target Corporation has 20 main offices throughout the globe. Out of the profits they make, 5% always goes back to the communities in which they serve.
Target Corporation has been constantly known for its philanthropic acts. Due to its numerous donations, it was at the 22nd spot of Fortune magazine’s “World’s Most Admired Companies” in 2010. Target often donates its unused or returned items to Goodwill Industries.
Who Was the Original Owner of Target?
In 1902, George Draper Dayton who was a real estate investor at that time persuaded Goodfellows Dry Goods to be a partner and rent a building in Minneapolis. Later on, Dayton became the sole owner and renamed the company Dayton Dry Goods Company. That company is today’s Target Corporation.
Dayton’s company initially handled fabrics, furnishings, and decorations for commercial interiors. In 1962, Target was stationed as the discount division of Dayton Dry Goods Company. New format stores were eventually established under the name of the Target brand. The aim was to incorporate “the best of the fashion world with the best of the discount world”.
George Draper Dayton was born in New York in 1857. Later on, he and his family moved to Minnesota. Gradually, he had the capability to acquire wealth within the flourishing economy. At the age of 80, Dayton passed away due to cancer in 1938. After his demise, the Dayton Dry Goods Company was passed on to his son and then his grandsons to take responsibility for.
Which Brands Does Target Own?
As of now, Target has 48 privately owned labels. With their consistent drive to be more diverse, the list is only going to grow more. Some of the most popular ones are listed below.
A New Day
The “target” audience for this brand is women. The brand offers comfortable clothing with an aesthetic touch. It also offers elegant accessories and comfortable and classy shoes. The items are suitable for both work and casual wear. Established in 2017, the initiative of the company was to enhance the confidence of women while also including flexibility.
Made by Design
Launching in mid-2018, Made by Design focuses on style and value for money. The brand offers basic kitchenware and dining products. It also includes bath products, cleaning utensils, décor for furniture, and items for your bedding. The brand also focuses on travel as it offers luggage and suitcases.
The items are extremely affordable with some of them being just 99 cents. The highest prices were approximately $440. Even then you will get the best value for your money. When purchasing from here, it is advisable to buy in bulk.
If you are on a tight budget, Room Essentials is your go-to place. Going strong ever since 2003, the brand offers the most functional and crucial pieces for your home at affordable prices. The company mainly targets people moving into new apartments or dorm rooms.
Its products range from tote bags, comforters, bed sheets, blankets, curtains to pretty much everything that can turn your home into a cozy place. While the products are not particularly fancy, they have a stylish and simple look. You can even get kitchen tools such as spoons and spatulas. So, you can acquire many items without putting a dent in your wallet.
Goodfellow and Co
Focusing on men, Goodfellow and Co offers basic and essential items while maintaining a modern yet aesthetic look. It emphasizes comfort and efficiency. Starting in 2017, it has effectively kept prices affordable to offer its consumers the best goods.
The items are diverse. Ranging from shoes and clothing items, it also has swimwear and tools for grooming. You can also find bags and other accessories. Despite the affordable prices, the quality and fitting of these items were not compromised in any way. The quality is top-notch.
Initiated in 2017, the name pays tribute to Target as it was established in 1962. Project 62 provides assortments for your home. All the products include a modern touch. Although the products are not necessarily cheap, you can still afford them. And you will see that the products are worth every penny you spend.
The brand offers all sorts of items that you might need for your everyday life. It has wall décor, rugs, blankets, dining products, etc. Project 62 also provides goods such as candles, lighting, and throw pillows to enable you to give your home that classy and sophisticated look.
If you are someone with a sweet tooth, you are going to be fond of this one. Introduced recently, in April 2021, Favorite Day has more than 700 products to transform your day into a favorite one.
The company has baked goods such as brownies, sugar cookies, and much more. You can also find frozen desserts along with some fancy ones such as crème brûlée, tiramisu, etc. To further satisfy your cravings, Favorite Day also offers gourmet candies, ice cream toppings, macarons, etc.
Boots and Barkley
Launched around 2011, Target thought there is no reason why your pets should be left behind from appreciating the joys of everyday life. Do not be thrown off by the name Barkley because the brand has products for both cats and dogs.
With an extremely affordable price range of $3-$5, there are lots of products for you to choose from. From comfy beds for your pets to leashes, collars, etc. You can also find regular bowls alongside automated feeders.
All in Motion
All in Motion focuses on those who have that active lifestyle. Established in 2020, it includes products according to your suitability no matter your speed or style. The products are of impressive quality and are sustainable as well. The products are stretchy with moisture-wicking materials. They also have SPF 50 protection.
The products are suitable for both men and women. Those of a younger age can also utilize it. In addition to sportswear such as leggings, shoes, shorts, etc., the brand features other items too. You can find yoga mats, dumbbells, sliding discs, etc. There are also facemasks, towels, and a lot more. They all come at extremely cheap prices.
So, it seems like there were a lot of things about Target that you were not aware of. That is ironic, given how popular the brand is, especially with its global presence. You can now understand why the brand is where it is, after all the dedication and efforts that were put toward its success.
I hope this article has assisted you in providing all the information about Target that you were looking for. Now, you know all about who owns Target along with some additional facts. You should also know about some excellent products and brands that Target caters to. Wishing you a good day ahead!