Target moaaimo runix5/20/2023 ![]() ![]() Target is spending $7 billion over the next three years in a top-to-bottom makeover that includes everything from remodeling stores to overhauling its supply chain. The new product offerings are a linchpin of Target’s plan to revive sales, which have been sliding for a year. They will be accompanied by a “More in Store” marketing campaign that will feature TV and print ads, a big direct mail piece and an increased digital investment that includes tapping into social media. Over the next 18 months, Target will launch more than a dozen new brands, four of which begin hitting stores in coming weeks. And they’re not as wedded to those old brands that they used to know and love.” “The guest is changing,” Mark Tritton, Target’s chief merchandising officer, said during a walk-through of the new brands at the retailer’s Minneapolis headquarters. ![]() It is saying goodbye to well-known brands such as Merona and Mossimo and introducing new labels in an effort to not only make the retailer more relevant in the face of newer competition but also to pick up market share from those chains that are struggling. the Minneapolis-based retailer is making dramatic changes to its lineup of goods. Online subscription services such as Stitch Fix were not yet on the horizon.Īnd department stores and shopping malls were still humming along instead of facing steep declines in sales and traffic.Īs Target confronts the quickly changing landscape - one in which Amazon is poised this year to surpass Macy’s as the biggest apparel seller in the U.S. to new heights in the 1990s and early 2000s, an H&M was not in every mall. When clothing brands such as Merona and Mossimo helped propel Target Corp. ![]()
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