Target Corporation
The Target Corporation, what used to be known as the Dayton Dry Goods Co., is an American retailing company that was founded in Minneapolis, Minnesota, in 1902. In 1962, the first Target store was opened in Roseville, Minnesota. It is the fifth largest retailer by sales revenue in the United States behind Wal-Mart, The Home Depot, Kroger and Costco. The company is ranked 33rd on the 2007 Fortune 500. Target operates its retailing business exclusively in the United States. It is a rival with Kmart and Wal-Mart. Target was listed in Internet Retailer's list of the top 500 retail web sites in 2007 also, this not only proves of brick and mortar sucsess but also online retail.
History
In 1902, George Dayton constructed a six-story building in downtown Minneapolis and began business. In 1903, the store changed its name to the Dayton Dry Goods Company, and it changed its name again to the Dayton Company in 1910. In the 1950s, it acquired the Portland, Oregon-based Lipmans department store company and operated it as a separate division. In 1956, the Dayton Company opened another store in Southdale, the world's first fully-enclosed two-level shopping center in Edina, Minnesota, a suburb of Minneapolis. The Dayton Company also became a retail chain by opening its second Dayton's store in Southdale.
In 1962, the Dayton Company, entered discount merchandising by opening its first Target discount store in Roseville, Minnesota, a suburb north of Saint Paul. The name "Target" originated from Dayton's publicity director, Stewart K. Widdess, and was intended to prevent consumers from associating the new discount store chain with the department store. The new store, Target Stores, ended its first year with four units, all in Minnesota. Target Stores lost money in its initial years, but in 1965 it reported its first gain with sales reaching $39 million, allowing a fifth store to open in Minneapolis. In 1966, Bruce Dayton launched the B. Dalton Bookseller specialty chain,
History
In 1902, George Dayton constructed a six-story building in downtown Minneapolis and began business. In 1903, the store changed its name to the Dayton Dry Goods Company, and it changed its name again to the Dayton Company in 1910. In the 1950s, it acquired the Portland, Oregon-based Lipmans department store company and operated it as a separate division. In 1956, the Dayton Company opened another store in Southdale, the world's first fully-enclosed two-level shopping center in Edina, Minnesota, a suburb of Minneapolis. The Dayton Company also became a retail chain by opening its second Dayton's store in Southdale.
In 1962, the Dayton Company, entered discount merchandising by opening its first Target discount store in Roseville, Minnesota, a suburb north of Saint Paul. The name "Target" originated from Dayton's publicity director, Stewart K. Widdess, and was intended to prevent consumers from associating the new discount store chain with the department store. The new store, Target Stores, ended its first year with four units, all in Minnesota. Target Stores lost money in its initial years, but in 1965 it reported its first gain with sales reaching $39 million, allowing a fifth store to open in Minneapolis. In 1966, Bruce Dayton launched the B. Dalton Bookseller specialty chain,