Target Corporation - Essay Example

The full name of the retail store known as Target is Target Corporation. This name came to be known in 1962. Target Corporation has a main headquarters located in Minneapolis, Minnesota. The main headquarters is located right downtown. Other smaller offices are also located in Minneapolis, Minnesota. The state of Arizona is home to the financial headquarters for Target Corporation. Target Corporation also has two banks that are located in Sioux Falls, North Dakota and Salt Lake City, Utah (Target2011).

These many different headquarters allow for target to provide appropriate customer service and financing. Target Corporation was not always known as the Target that is today. The first Target store was opened in the 1900’s and named Good fellows. Good fellows produced dry goods. The store was located in downtown Minneapolis. It wasn’t long before the company became known as the Dayton Company. Later in the 1960’s the first Target store was opened. The store was located in Roseville, Minnesota.

The store quickly became popular and expanded to the now known Target Corporation. This rapid growth came from a strong founder. The founder of Target Corporation is George Dayton. George Dayton was born in 1857. George was born in New York. Throughout his career he stumbled upon a retail store that his bank had foreclosed on (Soylent Communications 2011). This business venture was the start of many other additions. George acquired more popular retail stores such as Mervyns, Hudson’s and Marshall Fields.

These many retail mergers led to the current Target Corporation. These mergers also proved the strength that Target Corporation has. George’s determination allowed him to become a successful business man and build Target Corporation to what it is today. The original business of Target Corporation was a Dry Goods retail store. It wasn’t long before the Good Fellow Dry Good’s Company became known as one of the number one suppliers of retail goods. Products originally sold were retail items like other department stores.

Target Corporation sells various products. Products range from children’s clothing, canned goods, jewelry and electronics. Target Corporation is a one stop shop for popular products. Target Corporations owns a majority of manufacturing facilities that help keep the price of goods low. The Target Corporation has a history as many different companies. Target Corporation is responsible for the Merger of many popular retail chains. In 1956, Target Corporation was responsible for the very first shopping center that had two different shopping levels.

This new shopping center became the new face of shopping centers in America. Soon after Target Corporations two story shopping center, many similar shopping centers such as malls were spreading throughout the country. The target store was the first of its kind. The Target store of 1962 was able to offer discounted retail items. Offering discounted items made Target a popular retail chain. The 1960’s and 1970’s were huge decades for Target Corporation. During this time, there were large mergers and the announcement of Target Corporations entering into the stock market.

Another merger with Marshall Field’s later took place in the 1990’s. This final merger allowed Target Corporation to become huge generating over $30 billion dollars (Target2011). The success of Target stores led to the sale of Marshall Field’