target corporation business plan

Target's bold new sustainability strategy: Target Forward

A new strategy from retailer Target aims to benefit people, planet and its business.  Goals focus on three critical ambitions: 

• Designing and elevating sustainable brands
• Eliminating waste
• Accelerating equity and opportunity

Target hopes to be market leader for sustainable brands and experiences by 2030 and will be a net zero enterprise by 2040. There are additional goals across Target’s team, brand and product assortment and the global supply chain.

Moving forward into an era of sustainability

Target Forward marks a new era in sustainability for the company, as the retailer aims to create an equitable future with its partners and communities.

“As a company and a member of the global community, it’s imperative for both the health of our business and of our planet that we embrace new ways to move forward,” said Brian Cornell , chairman and chief executive officer of Target. “We know sustainability is tied to business resiliency and growth, and that our size and scale can drive change that is good for all. Target Forward influences every corner of our business, deepens our collaboration with our partners and builds on our past efforts to ensure a better future for generations to come.”

Target’s sustainability commitments in ‘Target Forward’ cover representation and net-zero

The Target Forward goals include:

• By 2030, Target aims to be the market leader for creating and curating inclusive, sustainable brands and experiences.
• By 2040, Target plans for 100% of its owned brand products to be designed for a circular future. Target’s teams will continue designing to eliminate waste, using materials that are regenerative, recycled or sourced sustainably, to create products that are more durable, easily repaired or recyclable.
• By 2040, Target commits to being a net zero enterprise — zero waste to landfill in its U.S. operations and net zero emissions across both its operations and supply chain, inclusive of scopes 1, 2 and 3.
• By 2030, Target aims to build a team that equitably reflects the communities it serves, beginning with its commitment to increase Black team member representation across the company by 20% by 2023.

“We want our guests to turn to Target first when they think about sustainability,” said Amanda Nusz , senior vice president of corporate responsibility, Target, and president of the Target Foundation. “We know that the only way to make that possible is by putting both people and the planet at the center of our efforts, as we co-create with our guests, our partners and the communities we serve.”

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Table of content

Introduction

Target's business model: strategic insights, frequently asked question (faqs), target's business model: strategic insights.

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Originally called Dayton Dry Goods Company, Target opened its first store in Minnesota in 1962. 

Costco and Walmart take advantage of a large market globally, whereas Target only has a United States-based market. The company is, however, expanding its e-commerce capabilities and experiencing faster growth. 

Target stores are relatively densely located in the US, which means that around 75% of residents can easily walk to one. 

A large part of Target Corporation's merchandise is comprised of its brands, despite sourcing goods from around the world.

Target's strategic investments over the last several years have translated into growth and were reflected in its latest financial performance. 

Its revenue increased by 3.6% in 2019 compared to last year, reaching $78.1 billion from $75.4 billion!

How does Target manage to stay on top of the business? 

The secret is their strategic business model, of course! 

Let this comprehensive blog guide you through Target's Business Model and Strategic Insights!

By developing an assortment of private-label brands, Target has set itself apart from other retailers in terms of business strategy.

The company utilizes an economy pricing strategy, which benefits brands looking to minimize their overhead expenses.

Additionally, Target Corporation manages all aspects of its operations as a single segment.

The company has also been able to keep product prices low kudos to its effective supply chain management.

Let's examine the numerous business strategies used by Target in depth:

Customer Segments

Target's extensive product assortment serves a wide range of consumer demographics across the general consumer market.

Target has a sizable retail store network in its home country of the United States, which remains its primary market.

The business offers its services to clients in all 50 US states and the District of Columbia. In particular, Texas, Florida, California, and Illinois are major operating hubs for the company.

Although Target has no sizable overseas activities, it does provide international shipping in particular countries, such as the United Kingdom.

Customer Relationships

Customers can use this digital sales channel to browse the company's product catalog, place orders, track delivery, and manage account information—without directly engaging with the company's sales and service representatives.

Through its online retail platform, Target allows customers to purchase a significant number of its products on a self-service basis.

Through its network of retail locations, Target provides a more personalized level of service with its in-store sales and service staff.

Target also runs several social media profiles to communicate with its customers directly.  

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Major Activities

Target is a general merchandise retailer in the United States. 

Its physical and digital retail channels offer a wide variety of everyday essentials and merchandise.

As part of its general merchandise stores, the company offers an edited assortment of—food products, including perishables, dry goods, dairy products, frozen items, clothing, shoes, homeware, toys, video games, electronics, and sports equipment.

Target's brands include:

• Archer Farms
• Market Pantry
• Simply Balanced
• Room Essentials

 Key Partners

In order to provide high-quality service to its customers, Target partners with various companies and organizations. 

A general classification of these partners can be made as follows:

• Suppliers and vendors. This includes Target's supply of products and merchandise for resale on its website and in its retail stores.
• A distribution and logistics partner is a group of organizations that support and extend Target's logistics and distribution operations. This ensures that its merchandise is delivered quickly and efficiently.
• In collaboration with Original Equipment Manufacturers (OEMs) and designers, Target develops and designs products for sale in its stores.
• In the US, Target collaborates with non-profits and charitable organizations on social and community projects.
• With strategic and alliance partners, Target collaborates on branding, marketing, and other joint projects across multiple business sectors.  

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Attributable Resources

Intellectual property and brands are Target's essential resources, as are its—product catalog, supply chain and distribution, IT and communication infrastructure, physical retail outlets, partnerships, and personnel.

Over the years, T arget has owned and leased an extensive portfolio of real estate properties across the US. 

This includes 1,792 retail outlets, most of which are owned, and its 40 distribution centers. 

Cost Structure

Target incurs costs related to developing its:

• Original products.
• Procuring merchandise and products.
• Hiring professionals.
• Developing & maintaining its online sales channel.
• IT and communications infrastructure.
• Implementing marketing and advertising campaigns.
• Managing its partnerships. 
• Retaining its employees. 

Furthermore, Target operates its—physical retail chain and distribution infrastructure, implements marketing and advertising campaigns, and maintains its personnel.

During 2015, Target's most significant expense was its cost of sales, which totaled $52 billion. 

In addition to selling, general, and administrative costs, $14.67 billion was recorded in compensation, benefit, and occupancy expenses.  

Suggested Reading: How can AppsRhino help you develop a grocery delivery app?

Revenue Streams

In addition to selling general merchandise in its retail outlets and online, Target generates revenue through its digital sales channels. 

Most of the company's revenue comes from point-of-sale fees and additional charges, such as shipping.

As of 2015, Target reported net sales of $73.79 billion, slightly increasing from $72.62 billion in 2014. 

Revenue was primarily generated by the Company's US operations, with a small portion coming from its discontinued Canadian operations.

In 2018, Target corporation's comparable sales grew by 3.4%, driven by a 2.7% increase in traffic. 

Comparable store sales increased by 1.4% in 2019, but digital channel sales increased by 29%, driving similar sales up by 1.9%. 

The company's operating income increased by 13.3% to $4.7 billion in 2019.

Despite intense competition, T arget has maintained a strong competitive position in the retail industry. 

As a result of its growth in sales and customer base, the company continues to prosper. Investing in technology is also helping the company grow e-commerce sales.  

Furthermore, the company is strengthening its fulfillment network to increase online sales. 

Target Corporation has established a robust business model with quality products and a competitive pricing strategy. 

These factors have contributed significantly to the brand's impressive growth. 

Target has a strong position in the retail industry in the United States and is expected to maintain its growth momentum. 

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The company has developed over a hundred mobile apps for delighted clients worldwide.

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How does Target's business model differ from other retailers?

Target's business model focuses on offering a curated selection of products, combining affordable pricing with trendy and high-quality merchandise. Their emphasis on creating a unique shopping experience sets them apart from other retailers.

What are the key elements of Target's business strategy?

Target's business strategy includes a strong focus on exclusive partnerships, in-house brands, omnichannel integration, and localized assortments to cater to diverse customer preferences and enhance the shopping experience.

How does Target's promotional strategy work?

Target employs various promotional strategies such as weekly ads, sales events, discounts, and exclusive deals. They focus on delivering value to customers through targeted promotions and loyalty programs like Target Circle.

How does Target compete with online retail giants like Amazon?

Target competes with online giants by strengthening its omnichannel capabilities. This includes same-day delivery, buy online, pick up in-store (BOPIS), curbside pickup options, and leveraging their physical stores as distribution centers.

How does Target attract and retain customers?  

Target attracts customers through a combination of differentiated offerings, appealing in-house brands, stylish collaborations, personalized marketing, rewards programs, excellent customer service, and a convenient shopping experience.

How does Target adapt to changing consumer trends?

Target closely monitors consumer trends and adjusts its product selection accordingly. They collaborate with influencers, launch limited-edition collections, and regularly update their assortment to align with evolving consumer preferences.

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Target’s SWOT 2024 | SWOT Analysis of Target

Company: Target Corporation CEO:  Brian Cornell Founders: George Dayton Year founded: 1902 Headquarter:  Minneapolis, Minnesota, United States Number of Employees (Oct 2020):   368,000 Type: Public Ticker Symbol: TGT Annual Revenue (Feb 2019): $78.1 Billion Profit |Net income (Feb 2019): $2.937 billion

Products & Services:  Beauty and health products, bedding, clothing, and others Competitors:   Walmart | Amazon | Best Buy | CVS | Walgreens | TJX companies | Macy’s | Costco | Home Depot | Lowe’s | Kroger |

Fun Fact: Target Corporation is amongst the 10 largest employers in the United States of America.

Table of Contents

Introduction

Target Corporation was formed in 1902 in Minnesota , United States. The company is reputed for providing differentiated merchandise to its customers at discount prices, ranging from luxury products to everyday essentials. Their suite of fulfillment options, loyalty offerings, devotion towards innovation, advanced technology, and efficient supply chain has enabled Target to provide their customers with the preferred shopping experience. 

The disciplined approach adopted by the organization towards business management has opened new routes for future growth. For facilitation of customers, the presence of digital channels has made it easier for purchasing the products.

Let’s reveal the competitive advantages of Target Corporation by exploring its latest dynamic through a SWOT analysis as it has allowed it to attain dominance in the retail industry of the US.

Target’s Strengths (Internal Strategic Factors)

Wide Range of Merchandise – One stop shop for all items including Pharmacy, Grocery, designer clothes, accessories, electronics, sporting goods, home décor, etc. For the benefit of customers, their digital channels also offer a wide range of merchandise along with complimentary assortment. In March 2020, Target joined the list of a few retail stores that benefited from the panic buying of essential goods. Even though the company’s revenue from apparel, accessories, home décor, and sporting goods declined, it saw a more than 50% rise in same-store sales thanks to a rise in demand for groceries, foodstuffs, toiletries, and other essential goods. [ 1 ]

Brand positioning – They provide trendy, fashionable merchandise of high quality at discounted prices for their customers. The customer base that Target attracts is medium to high-income group families with a median household annual income of $64K .

Customer shopping experience – Target offers a better experience to customers as compared to Walmart through an improved floor plan, better shopping carts, clean store environment, and well-lit and marked aisles. The retailer has attained immense success in trying time thanks to its store-centric fulfillment model. The effectiveness of Target’s store-centric fulfillment model contributed to the growth of same-day services by 278% in the first quarter of 2020. The fact that nearly 90% of its online orders were fulfilled swiftly through stores highlights that Target’s investment in customer experience, satisfaction, and fulfillment is paying off. [ 2 ]

Designer apparels – For maximum satisfaction of customers and provision of variety, Target offers designer clothes in their stores by partnering with elite fashion designers. Roughly 20% ($15 Billion) of their total revenue ($75 Billion) comes from “apparel and accessories” segment. 

• Partnership with Starbucks – The partnership of Target Corporation with Starbucks is highly effective for increased sales as Starbucks drives traffic to target stores.

Charity work in the community – Philanthropy is a core value of Target Corporation, which is evident from its program sponsorships and donations. Since 1946, the Target Foundation has been distributing 5 % of its profit (4 million each week) to the local communities towards kids’ education, food drives, disaster preparedness, and relief efforts.

Efficient System of Distribution – To allocate the vast majority of merchandise, Target Corporation utilizes its 40 distribution centers and collaborates with common carriers for shipment of general merchandise.

Market Presence: Target has a strong presence in the US market. They have a total of 1844 stores in 49 US states, with the most number of stores in California (287), Texas (150) and Florida (123).

Effective Inventory Management – Various forms of replenishment and inventory management techniques (demand forecasting, planning, vendor management, seasonality) are adopted to minimize spoilage, lost sales, and inventory markdowns. Target added inventory planning software in Q3 of 2019 to maintain optimum inventory levels without leading to stockouts or interrupting the flow of backroom operations. The retailer is also planning to adopt a robotic sorting system to manage its inventory at the warehouses. [ 3 ]

Digital Services (App) – Target has created an excellent app, “ Cartwheel ,” for its digitally savvy customers . Through cartwheel app , Target shoppers can order online, check store inventory, check prices, find items by aisle location, access coupons/ offers, scan items, checkout, manage a credit card, etc. 

Effective Adoption of E-Commerce – In 2020, Target leveraged e-commerce very effectively to fulfill the needs of its customers. The effective adoption of e-commerce resulted in a 195% increase in digital sales in Q2 of 2020. Target’s same-day services grew by 273% , driven by the success of its in-store pick-up, Drive up and Shipt, which increased its total quarterly revenue by 25% to $22.98 billion. Target is now one of the top three e-commerce giants, along with Amazon and Walmart. [ 4 ]

• Strong Financial Growth – Target is on its 11 consecutive quarters of positive sales growth and healthy performance in-store and online sales channels. In FY 2019, net earnings increased from $2.94 billion in FY 2018 to $3.28 billion. Target increased its online sales and in-store growth rate further in 2020. Its profit for the fiscal second quarter of 2020 increased by 80.3% to $1.7 billion . Target has built a sustainable business model that will continue to catalyze strong topline growth, bottom-line performance, and high profitability in the long-term. [ 5 ]

Robust Omnichannel Model – Target’s years of investment in its supply chains and inventory visibility across both online and in-store channels have delivered one of the best omnichannel models  in the retail sector. It enabled the company to pivot very quickly from the in-store model to curbside pickup, ship from store, and other online/in-store sales methods. In April 2020, Target’s digital sales increased by 282% year-over-year, with 80% of digital orders being fulfilled in its stores. [ 6 ]

Target’s Weaknesses (Internal Strategic Factors)

Expensive – According to a study conducted by business insider , Target charges about 15% more for groceries compared to Walmart, their biggest competitor.   

• Customer Data Security – In 2014, Target had faced one of the worst data breach incidents. Nearly 70 million customers’ credit/ debit card information was stolen. AS a result, it has negatively impacted Target’s reputation, and they had faced many class-action lawsuits. 

Little presence in the International Market – Target has failed to expand into the international market. From 2011-2015, Target had opened 133 stores in Canada. However, their expansion to the international market was a big failure , and soon, Target had to close down all of its stores in Canada.

• Store-Centric Approach – In the digital age, retailers have to adopt an e-commerce-first approach. Even though Target is one of a few retailers that has benefited from the rise in online shopping, a decline in brick-and-mortar sales is undercutting gains online. Target’s sales of apparel and accessories have also declined, which is worrying because these are low-margin items. A decline in sales of low-margin products has a bigger impact on the profits. [ 7 ]

Target’s Opportunities (External Strategic Factors)

Target’s partnership with CVS – In December of 2015, CVS Health had acquired Target’s clinic and pharmacy business for nearly $1.9 Billion . What it means is that the Target pharmacy section is managed and operated by CVS health now. It gives Target customers a great opportunity to access industry-leading health care services in their stores.

Small – Format Stores – Target Corporation has been opening small-format stores that are located in dense urban areas and college campuses, etc. These stores are roughly one-third of the size of their normal average size stores. The company opened its 100 th small-format store in the summer of 2019, with total sales through these stores exceeding $1 billion by the end of 2019. In 2021, the company will introduce its first compact small-format stores of about 6,000 square feet in densely congested neighborhoods and college campuses. Also, it plans to open almost three dozen new small stores ranging from 12,000 to 40,000 square feet. Small-format stores have immense potential and can drive Target’s growth for many years to come. [ 8 ]

REDcard Rewards Loyalty Program – Target has a great opportunity to expand its REDcard loyalty program, allowing it to gain insights about changing customer habits and their preference. This will also provide them access to customer information for marketing and promotions.

Same Day Delivery – Target has acquired a grocery delivery service Shipt for $550 million to provide same-day delivery like Amazon and Walmart to accelerate its effort of digital fulfillment. In 2020, Target has focused on adding Drive Up for grocery pickup in dozens of its small-format locations to expand same-day delivery service further. [ 9 ]

Expand Private-Label Brands – Another key opportunity for Target is to develop its own portfolio of private label brands. Private label brands help differentiate retailers, and they carry higher margins.

Increase Market Presence – Target has increased the number of stores from 1,844 to over 1,868 stores in 2020, which increases its market presence. Most of its new stores are mega shopping centers that stock everything from apparel to electronics and groceries. About 80% of Target’s stores are 50,000 to 169,999 square feet , and 15% are bigger than 170,000 square feet. The remaining 5% are small-format stores that are smaller 49,999 square feet. [ 10 ]

• Store Remodeling – While renovation might seem like a small investment, it has a high return on investment (ROI). By the end of 2020, Target expects to complete remodeling its 300 stores to bring the total of remodeled stores to 1000 . Each remodeled store will see an increase in sales of between 2% and 4% in the first year alone and can maintain at over 2% in the next few years. If sales in all its 1000 remodeled stores increase by an average of 3%, the total revenue generated will rise by a wide margin. Store remodeling is a major growth opportunity for Target. [ 11 ]

Target’s Threat (External Strategic Factors)

Local Competition –  Target operates in a highly competitive and low margin industry. Its major competitors like Walmart, Costco, Kroger, Home Depot, etc. have numerous stores located close to the local population, thus impacting their market share . To counter stiff competition in the e-commerce sector from Amazon, Target commenced its holiday season deals in October. It also expanded its Black Friday pricing for the whole of November with nearly 1 million more deals . The company has to spend more and more to keep up with the frontrunners, which will continue into its profits as the competition increases. [ 12 ]

Changing Customer Preferences –  The performance of Target Corporation may have intense negative implications due to the growing trends of online shopping. The growth streak of competitors like Amazon is moving further, pushing its supply chain management with online shopping. Although it may create opportunities for growth, yet the logistics expansion and on-time delivery by Amazon towards changing customer demands may pressurize and create difficulties for Target to compete in populated hubs.

Failure to differentiate –  The failure to differentiate may serve as a threat to Target Corporation. Their brand loyalty may be affected due to the shift of numerous shoppers towards emotionless and price-sensitive online shopping.

Vulnerable to Economic Downfall –  Target sales are highly dependent upon the macroeconomic factors . Since most of their stores are in the US market, when there is a turbulence in the health of the US economy, Target’s business is also negatively impacted.

Low Barrier to Entry – The retail business, although capital intensive, is easily replicable. Any new company can undercut Target’s prices and take a big share of the market.

Market Uncertainties – Uncertainties in both local and global markets has impacted the bottom line of many retailers. Even though Target has not been affected significantly, the uncertainties have forced the company to revise its projections and expansion plans. The company announced that it is downsizing its store remodeling plans from 3000 to only 300 due to market uncertainties. [ 13 ]

Rising Costs – Target’s Q1 profit plunged by 64% due to rising costs of doing business. Although online sales increased by 141% and quarterly revenue rose 11.3% to $19.37 billion, the company spent about $500 million to maintain safety measures. The high cost of doing business eroded its gains leading to a decline in net earnings from $795 million in Q4 2019 to $284 million in Q1 2020. [ 14 ]

Deriving immense level of customer loyalty and benefiting from globalization, Target Corporation as one of the reputed retailers in the United States.

In spite of this, it is necessary for the entity to consider all material aspects that may negative implications on the organization. Thus, this SWOT analysis of Target evaluates the strength, weakness, opportunity, and threat, which Target Corporation encounters in its respective market.

 References & more information

• Venugopal, A. (2020, Mar 25). Sales of essential goods at Target soar in March as shoppers stock up . Reuters
• Kapadia, S. (2020, Aug 17). Target’s investments in store-centric fulfillment pay off . Supply Chain Dive
• Leonard, M. (2020, Jun 5). Target’s plan for a store-fulfillment manager . Supply Chain Dive
• Perez, S. (2020, Aug 19). Target sets sales record in Q2 as same-day services grow 273% . Tech Crunch
• Repko, M. (2020, Aug 19). Target reports a monster quarter — profits jump 80%, same-store sales set a record . CNBC
• Alpha Staff (2020, May 14). Target: Riding The Wave Of Omni Channel Retail In 2020 . Seeking Alpha
• Repko, M. (2020, April 23). Target’s shares tumble as retailer says first-quarter profits will be hurt by higher costs . CNBC
• Genovese, D. (2020, Mar 24). Target’s small stores getting even smaller . FOX Business
• Springer, J. (2020, Aug. 19). Target Refires Drive-Up Grocery . Win Sight Grocery
• Redman, R. (2020, Mar 03). Target accelerates the omnichannel game plan . Supermarket News
• Unglesbee, B. (2020, Mar 24). Target plans a 6K-square-foot store as it ramps up small format expansion . Retail Dive
• Balu, N. (2020, Sept. 29). Target to start holiday discounts in October, take on Amazon’s Prime Day . Reuters
• Kline, D. (2020, Mar 25). Target Downsizes Its 2020 Store Remodels Due to Coronavirus . The Motley Fool
• Kalluvila, S. (2020, May 20). Target profit sinks 64% as COVID-19 costs offset gains from sales surge . Reuters

 Tell us what you think? Did you find this article interesting? Share your thoughts and experiences in the comments section below.

A management consultant and entrepreneur. S.K. Gupta understands how to create and implement business strategies. He is passionate about analyzing and writing about businesses.

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Target Unveils 2023 Strategic Investments, Including the Opening of 20 New Stores

Minneapolis — Target Corporation plans to invest $4 billion to $5 billion this year to expand its guest-centric services, operations network of stores and supply chain facilities, digital experiences and other capabilities. The retailer also shared more about its plans to advance its enterprise efficiency efforts, aimed at optimizing its operations after years of rapid growth. Last but not least, Target will also open approximately 20 new stores this year, in a variety of store formats.

“Investments in our shopping experience and frontline team have deepened our guests’ engagement with Target during the last few years, which is reflected in our continued traffic and sales growth,” says Michael Fiddelke, chief financial officer of Target Corporation. “This year, we’ll continue investing in our long term strategic initiatives that propel our market share and profit growth over time. Coupled with our teams’ ongoing efforts to scale our business with greater simplicity, we are confident in our ongoing ability to meet the evolving needs of our guests and deliver value for our shareholders.”

Target plans to open about 20 new stores in a variety of sizes as it seeks to reach new guests. Many of the new stores will include new design elements that reflect the local community, experiences that highlight new brands, assortment and services, and sustainable features. Target is also making investments in about 175 of its existing stores, ranging from full remodels to the addition of Ulta Beauty at Target or Apple at Target shop-in-shop experiences, or expanded capacity for same-day fulfillment services. These new and updated stores are one way Target brings new partnerships and the latest innovations in fulfillment services to guests while also investing in operational enhancements for its team.

The company plans to expand its sortation center network from nine to more than 15 locations by the end of 2026, which will expand its next-day delivery capabilities to guests across major U.S. markets. These specialized supply chain facilities allow Target to deliver digital orders faster, more efficiently and at a lower cost, with up to 40% of orders delivered by its last-mile delivery capability arriving next day. Additionally, these facilities remove pressure from Target’s stores, giving team members more time to serve guests.

Target also expanded upon its newly introduced enterprise efficiency efforts, aimed at simplifying its operations and enhancing its team and guest experience while fueling near and long term growth. While this efficiency work will be a sustainable, long term plan, Target’s goal is to achieve $2 billion to $3 billion in cost savings over the next few years.

Minneapolis-based Target Corporation operates nearly 2,000 stores. For more information, visit www.corporate.target.com .

SOURCE: Target Corporation

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Target Announces Bold New Sustainability Strategy: Target Forward

MINNEAPOLIS , June 22, 2021 /PRNewswire/ -- Target Corporation (NYSE: TGT) today unveiled Target Forward, the company's new sustainability strategy that puts its business to use to positively impact both people and the planet. Building on the retailer's legacy of corporate responsibility and sustainable practices, Target Forward marks a new era in sustainability for the company, as the retailer aims to co-create an equitable and regenerative future with its guests, partners and communities.

Target Forward is anchored to the company's purpose to help all families discover the joy of everyday life. Through Target Forward, the retailer is focused on restoring and regrowing natural systems, and ensuring its team, communities and partners around the globe can thrive.

"As a company and a member of the global community, it's imperative for both the health of our business and of our planet that we embrace new ways to move forward," said Brian Cornell , chairman and chief executive officer of Target. "We know sustainability is tied to business resiliency and growth, and that our size and scale can drive change that is good for all. Target Forward influences every corner of our business, deepens our collaboration with our partners and builds on our past efforts to ensure a better future for generations to come."

Target's Sustainability Commitments

The commitments Target is making with Target Forward work toward three critical ambitions: to design and elevate sustainable brands, innovate to eliminate waste, and accelerate opportunity and equity. Signature goals include:

• By 2030, Target aims to be the market leader for creating and curating inclusive, sustainable brands and experiences.
• By 2040, Target plans for 100% of its owned brand products to be designed for a circular future. Target's teams will continue designing to eliminate waste, using materials that are regenerative, recycled or sourced sustainably, to create products that are more durable, easily repaired or recyclable.
• By 2040, Target commits to being a net zero enterprise – zero waste to landfill in its U.S. operations and net zero emissions across both its operations and supply chain, inclusive of scopes 1, 2 and 3.
• By 2030, Target aims to build a team that equitably reflects the communities it serves, beginning with its commitment to increase Black team member representation across the company by 20% by 2023.
• Target and the Target Foundation will become even more deeply ingrained within communities, lifting up the voices and unique perspectives of community members to maximize the positive impact they can create together.

"We want our guests to turn to Target first when they think about sustainability," said Amanda Nusz , senior vice president of corporate responsibility, Target, and president of the Target Foundation. "We know that the only way to make that possible is by putting both people and the planet at the center of our efforts, as we co-create with our guests, our partners and the communities we serve."

Building on a Strong Foundation

Target's efforts in collaborating to bring equitable, sustainable solutions for its communities and the environment can already be seen across its business – from the retailer's inclusive and sustainable product assortments and the increasing renewable energy footprint in its operations, to its social justice commitments and philanthropic support of underserved communities at home and around the world. 

• In 2019, Target set science-based targets for emissions reductions across scopes 1, 2 and 3 – becoming a leader in U.S. retail – and Target also committed to join the " Business Ambition for 1.5°C ," ensuring that its emissions will contribute to no more than 1.5 degree warming.
• Target has projects and partnerships in place that when complete, will result in purchasing nearly 50% of its electricity from renewable sources , well on its way to 100% by 2030.
• Circular design principles can be seen in Target's owned brands such as Universal Thread and Everspring , and Target accelerated its commitments to sustainable packaging in 2018 when it became a signatory to the New Plastics Economy Global Commitment .
• In 2020, Target invested $1 billion more  in the health, safety and wellbeing of its team members, including the move to an industry-leading starting wage of $15 in the U.S.
• Target's Racial Equity Action and Change (REACH) committee was established in 2020 and accelerates the retailer's work to create racial equity for Black team members, guests and communities. REACH builds on 15 years of progress in creating a diverse workforce, and setting diversity and inclusion goals for Target's team and business.

Looking Forward Together

Collaboration is necessary to build a more equitable and regenerative future. Target is committed to co-creating alongside partners, communities and purpose-driven organizations, and to continuous listening and improvement as it works to achieve its goals.

"Target's new sustainability commitments can make a real impact. We at Unilever love seeing the goal of net zero emissions, which aligns with ours," said Fabian Garcia , president of Unilever North America. "Carbon reduction is needed to work toward a more sustainable world for all. Unilever and our purpose-driven brands look forward to partnering with Target to help drive our industry even further in improving the health of our planet."

"Target has been a Business for Social Responsibility member for more than 10 years and we are proud to have worked as their partner in developing this ambitious new sustainability platform," said Laura Gitman , chief operating officer of Business for Social Responsibility (BSR). "We strongly believe that in setting these goals, Target is charting a bold new course based on a clear-eyed understanding that sustainable business strategies are crucial not only for lasting business success, but for building a truly just and sustainable world."

"Prosperity Now is excited about Target's new sustainability initiative, and we look forward to continuing our partnership as they pursue ways to accelerate equity and opportunity building," said Gary Cunningham , president and chief executive officer of Prosperity Now. "This work is closely aligned with our mission of building pathways for all people to prosper. We welcome Target's renewed commitment to the pursuit of financial security for all and value their contributions to our own efforts to ensure that every family and individual has the opportunity to save, build wealth and thrive."

To learn more about Target Forward and view the retailer's comprehensive goals, visit target.com/targetforward.

Miscellaneous

Statements in this release regarding the company's sustainability goals, commitments and programs; the company's business plans, initiatives and objectives; the company's assumptions and expectations; and standards and expectations of third parties, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the company's actions to differ materially. The most important risks and uncertainties are described in Item 1A of the company's Form 10-K for the fiscal year ended January 30, 2021 . Forward-looking statements speak only as of the date they are made, and the company does not undertake any obligation to update any forward-looking statement.

About Target

Minneapolis -based Target Corporation (NYSE: TGT) serves guests at nearly 1,900 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals millions of dollars a week. For the latest store count or for more information, visit Target.com/Pressroom . For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter. For more on the Target Foundation, click here .

SOURCE Target Corporation

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