Brian Cornell, new CEO of Chamber member Target, has revitalized the brand after an admitted rough patch that peaked with the 2013 holiday data breach. Cornell’s new game plan has refreshed operations and improved sales for the prominent retailer, and it shows.
Crain’s Chicago Business published an article highlighting the corporation’s comeback.
From the Crain’s piece:
“We were focused for too long on low prices at the expense of new experiences,” Cornell said yesterday in Chicago. Shoppers “still loved the Target brand, but they weren’t coming to visit as frequently.”
Cornell, a former PepsiCo Americas Foods CEO who is the first outsider to lead Target, was charged with reversing troubling stats: eight straight quarters of falling store traffic, three quarters of year-over-year same-store sales declines and a stock that was at a three-year low.
Today, Target is rebounding: The Minneapolis-based chain just notched its sixth consecutive quarter of improved same-store sales.
Cornell has implemented a “back to the basics” approach, which focuses on supply chain and operations to maintain excellent customer satisfaction.
Beyond his business approach, he’s carrying out several tangible steps to expand and improve the Target brand:
- Focusing on kids with two new clothing and décor brands: Cat & Jack and Pillowfort
- A customer loyalty rewards program
- Smaller, specialized stores that focus on the needs of particular neighborhoods
Target has announced plans for new stores in Hyde Park, Lincoln Park and Lakeview, increasing to a total of seven such specialized stores throughout the neighborhoods of Chicago.
Click here to read the full Crain’s piece.