Download Target 3 Billion PDF for Free and Learn about Rural Transformation
To prepare for the fulfillment and supply chain solutions, Target has appointed LaToya F. Brown as the companys new senior vice president of product innovation. In this role, LaToya will lead the companys efforts to accelerate and expand the companys core business while developing innovative and strategic solutions for future growth. LaToya will lead the companys product innovation, commercial, marketing, communications and fulfillment capabilities across all Target brands.
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In fiscal year 2012, Target invested $200 million in enterprise-wide IT investments and $50 million in supply chain management solutions. In fiscal year 2013, investment continued as the companys volume business growth continued to outpace sales growth. The companys purchases for that year totaled nearly $3.5 billion for the IT and supply chain investments.
Target, which was founded in Dayton, Ohio, in 1872, has established itself as the third-largest U.S. retail seller of general merchandise, groceries, apparel, financial services, entertainment and everyday essentials. The companys network of more than 8,600 stores includes the former Target warehouse store format in cities such as San Francisco, Los Angeles, San Diego, New York City, Chicago, Dallas and Philadelphia.
Black-owned businesses tend to have stronger cash management skills and will be advantaged by programs like the Target REACH Foundation. Over the next three years, the foundation will provide up to $400 million in grants, but the exact distribution of the funds will depend on the number of eligible businesses that apply. Target, when it published its five-year strategic plan last year, said it would be the first retailer in the U.S. to follow up on the Black Power marketing that it initiated in 1974.