Discover how a US department store became one of the nation’s biggest retailers
Target Corporation grew out of Goodfellow’s Dry Goods in 1901, but by 2020 it was the eighth-largest retailer in the United States based on worldwide retail sales.
Founder George Dayton bought into Goodfellow’s in 1901 before taking it over and renaming it Dayton Dry Goods Company in 1903. By 1911, it was renamed again and became known as Dayton’s. The first Target department store opened in Minneapolis, Minnesota in 1962 as the discount arm of Dayton’s.
In 1969 Dayton’s merged to form the Dayton-Hudson Corporation, which began rolling out Target nationwide in the 1980s.
The Target brand promise “expect more, pay less” was introduced in the 1990s. By the noughties its clothing line was considered covetable thanks to its price-friendly partnerships with more expensive and exclusive designer brands including Rixo.
The parent company was renamed the Target Corporation in 2000.
Target company profile - key facts
CEO: Brian C Cornell
Founded: 1962, Roseville, Minnesota US
Known for: selling everything from computers to clothes
Ticker: TGT
Traded on: NYSE, constituent of S&P 500 Index
Employees: 350,000
Revenue: $78.11bn (2020)
TGT price history
| Date | Close | Change | Chg% | Open | Min. | Max. |
|---|---|---|---|---|---|---|
| 2022-09-30 | 151.72 | -0.55 | -0.36 | 152.27 | 151.57 | 152.69 |
| 2022-09-30 | 155.5 | 6.26 | 4.19 | 149.24 | 148.82 | 156.71 |
| 2022-09-30 | 148.23 | -1.54 | -1.03 | 149.77 | 146.6 | 151.92 |
| 2022-09-30 | 148.37 | -2.57 | -1.70 | 150.94 | 147.13 | 152.04 |
| 2022-09-30 | 152.38 | 0.84 | 0.55 | 151.54 | 149.47 | 152.53 |
| 2022-09-30 | 152.71 | -5.15 | -3.26 | 157.86 | 152.36 | 157.97 |
| 2022-09-30 | 158.78 | -1.69 | -1.05 | 160.47 | 158.75 | 163.49 |
| 2022-09-30 | 159.76 | -3.14 | -1.93 | 162.9 | 157.93 | 163.13 |
| 2022-09-30 | 164.47 | 1.81 | 1.11 | 162.66 | 161.73 | 164.8 |
| 2022-09-30 | 163.73 | 1.58 | 0.97 | 162.15 | 161.34 | 165.35 |
| 2022-09-30 | 164.67 | -0.49 | -0.30 | 165.16 | 164.41 | 168.66 |
| 2022-09-30 | 165.05 | -2.67 | -1.59 | 167.72 | 163.12 | 168.44 |
| 2022-09-30 | 165.9 | -3.53 | -2.08 | 169.43 | 165.4 | 171.42 |
| 2022-09-30 | 173.55 | -1.31 | -0.75 | 174.86 | 172.82 | 175.79 |
| 2022-09-30 | 173.32 | 2.13 | 1.24 | 171.19 | 171.03 | 174.29 |
| 2022-09-30 | 171.55 | 3.27 | 1.94 | 168.28 | 168.28 | 171.92 |
| 2022-09-30 | 170.42 | 7.46 | 4.58 | 162.96 | 162.51 | 171.43 |
| 2022-09-30 | 163.34 | -0.58 | -0.35 | 163.92 | 159.09 | 164.51 |
| 2022-09-30 | 164.26 | -0.52 | -0.32 | 164.78 | 162.97 | 166.04 |
| 2022-09-30 | 164.52 | 5.76 | 3.63 | 158.76 | 157.75 | 164.62 |
Target is located in Minneapolis, Minnesota, but it operates through 1,909 stores in the United States. Target has a store in 50 US states and the District of Columbia (better known as Washington DC), putting at least 75% of the US population within 10 miles of a Target store.
Target is listed on the New York Stock Exchange as is owned by its shareholders. It has three significant subsidiaries – Target Brands, Target Enterprise and Target General Merchandise.
Its largest shareholders include financial institutions including Vanguard and BlackRock.
Target timeline
1903: Dayton Dry Goods company formed by George Dayton
1911: Dayton’s Department Store founded
1962: Target founded
1967: listed on the New York Stock Exchange
1975: Target Stores becomes top revenue producer of the Dayton-Hudson Corporation
1990: Dayton-Hudson Corporation purchases Marshall Field’s, a legendary Chicago-based department store founded in 1852, from Batus Inc, the American arm of BAT Industries plc.
1995: Target credit card launched
2000: Company renamed Target Corporation
2005: Target exceeds $50bn in annual sales
2010: Target starts selling fresh food
2015: CVS Health announced an agreement with Target to acquire all of Target’s pharmacies and clinic businesses for around $1.9bn.
