Target Corporation

The first Target store was opened on May 1, 1962, in Roseville, Minnesota, a suburb of Minneapolis–Saint Paul. The store was an experiment by the Dayton Company, focusing on a new kind of retail experience aimed at attracting value-oriented shoppers seeking a higher-quality discount experience. This marked the beginning of what would become one of the largest discount retailing chains in the United States.

In October 1990, Target Corporation entered the international market by opening a store in Vancouver, Canada. This marked Target's first venture outside the United States as the company sought to expand its retail footprint. The store was operated under the Target banner with a similar business model to its US locations. Despite the initial expansion, Target later withdrew from the Canadian market due to challenges in sustaining profitable operations.

Target launched its e-commerce website, Target.com, on January 13, 2000. This marked a significant step in the company's strategy to provide a seamless shopping experience through both physical stores and online platforms. By entering the digital marketplace, Target aimed to tap into the growing number of consumers who preferred to shop online, thereby enhancing its competitiveness in the retail sector.

In early 2014, Target Corporation confirmed a major data breach affecting approximately 40 million credit and debit card accounts used during the holiday shopping season of 2013. An investigation revealed that malware on Target's point-of-sale systems had enabled unauthorized access to sensitive customer information. This incident significantly impacted Target's reputation and led to a renewed focus on enhancing data security measures.

In April 2015, Target Corporation officially closed all of its stores in Canada, ceasing its operations in the country. The decision followed financial struggles and performance issues since its initial expansion into the Canadian market in 2013. Despite efforts to capture market share, Target's Canadian stores consistently underperformed, leading executives to conclude that exiting was the best course of action for the company's future.

On June 15, 2017, Target Corporation announced the acquisition of Shipt, an online same-day delivery platform, for $550 million. This acquisition was part of Target's strategic initiative to strengthen its position in the retail market by enhancing its ability to offer convenient, fast delivery options to its customers. By integrating Shipt's technology and services, Target aimed to compete more effectively with other major retailers that were increasingly focusing on same-day delivery services.

On November 25, 2020, Target Corporation reported record online sales growth for the third quarter of 2020, significantly driven by the COVID-19 pandemic. With more customers turning to online shopping, Target's digital sales surged by 155%, highlighting the company's successful adaptation to rapidly changing consumer behaviors. This growth was complemented by investments in digital fulfillment and enhancements to its e-commerce capabilities.

In March 2021, Target Corporation announced that it would increase its starting wage to $15 per hour for all U.S. team members, emphasizing its commitment to providing competitive pay and benefits. This decision was made in recognition of the valuable contributions of Target's workforce and as part of broader efforts to create a sustainable, equitable work environment. It underscored Target's dedication to investing in its employees and supporting their financial wellbeing.

In June 2021, Target Corporation unveiled its sustainability strategy, pledging to reach net-zero greenhouse gas emissions by 2040. This commitment was part of the retailer's broader initiative to address environmental impact, which included goals such as sourcing 100% renewable energy for its operations and designing products and packaging for circularity. Target's sustainability vision involves reimagining its business operations to contribute proactively to environmental stewardship.

On January 29, 2022, Target Corporation announced that it had surpassed $100 billion in annual revenue for the first time in its history. This milestone marked a significant achievement for the retailer, reflecting strong performance across its physical and online stores. The growth was attributed to strategic investments, an enhanced guest experience, and effective responses to consumer demands, further establishing Target's position as a leader in the retail industry.