How Target won back its customers: By going all-in on brick-and-mortar
Target has revamped its brand, including store remodels and the addition of private brands. By Rachel Siegel Rachel Siegel National business reporter Email Bio Follow March 5 at 3:42 PM When Target chief executive Brian Cornell took the stage at a company investor meeting Tuesday morning, he harked back to two years ago.In February 2017, Cornell looked out on the New York ballroom with a mixed bag of news. Sales at stores open more than a year were down.
The proof was in Tuesday’s earnings results: Target celebrated its best year since 2005. Comparable sales in 2018, a measure of sales online and at stores open more than a year, grew by 5 percent. Comparable digital sales alone climbed 36 percent -- marking the fifth consecutive year in which that figure grew more than 25 percent. On Tuesday afternoon, Target’s stock price was up nearly 5 percent.
Target’s delivery service, Shipt, has expanded to 1,500 stores. Drive-up is now an option in more than 1,000 stores. And those options are actually driving down Target’s fulfillment costs. Physical stores are treated like small hubs, often in place of massive distribution centers far away from shoppers’ homes. Order pickup and drive-up costs the company 90 percent less on average than fulfilling an order from a warehouse, Target said on Tuesday.
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