Target

Target is an upscale discount department store that provides high-quality, on-trend merchandise at very competitive prices in the United States, and recently in Bangalore, India. Target Corporation ranks among the top 20 corporate contributors in the nation, giving back $2 million each week to the communities it serves. The company now has more than 1,600 stores in 47 states, and employs more than 300,000 team members.

The Target Corporation (NYSE: TGT) was originally known as the Dayton Dry Goods Co., and was founded in Minneapolis, Minnesota, in 1902. In 1962, the first Target store was opened in Roseville, Minnesota.

On March 10, 2004, Target Corporation hired Goldman Sachs Group to analyze options for selling its Marshall Field's and Mervyns chains of department stores. A few months later, on July 31, 2004, Target Corporation sold the Marshall Field's chain and several Mervyns stores to St. Louis, Missouri-based May Department Stores.

In 2005, Target reached 1,397 units and $52.6 billion in sales, and in 2006 it expanded to 1,488 units and sales reached $59.4 billion.

In May 2005, Target began operation in Bangalore, India, and these operations currently support [Page 1542]all Target business units. In 2006, Target completed construction of the Robert J. Ulrich Center in Embassy Golf Links in Bangalore, and Target plans to continue its expansion into India with the construction of additional office space at the Mysore Corporate Campus.

On January 9, 2008, Bob Ulrich announced his plans to retire as CEO and named Gregg Steinhafel as his successor. This is because of Target Corporation's policy requiring its high-ranking officers to retire at the age of 65. Ulrich's retirement as CEO was effective May 1, 2008, but he remained the chairman of the board through the end of the 2008 fiscal year.

Target Stores in the United States

The breakdown of Target stores in the 47 states it operates in is Alabama (18), Arizona (47), Arkansas (6), California (225), Colorado (38), Connecticut (16), Delaware (2), District of Columbia (1), Florida (118), Georgia (52), Idaho (6), Iowa (21), Illinois (82), Indiana (32), Kansas (18), Kentucky (12), Louisiana (14), Maine (5), Maryland (33), Massachusetts (30), Michigan (58), Minnesota (72), Mississippi (4), Missouri (33), Montana (7), Nebraska (14), Nevada (15), New Hampshire (8), New Jersey (38), New Mexico (9), New York (59), North Carolina (45), North Dakota (4), Ohio (63), Oklahoma (11), Oregon (18), Pennsylvania (48), Rhode Island (3), South Carolina (18), South Dakota (4), Tennessee (31), Texas (138), Utah (11), Virginia (51), Washington (34), West Virginia (5), Wisconsin (34), Wyoming (2).

Target also has 218 SuperTarget Stores in 22 states: Alabama (6), Arizona (6), California (3), Colorado (17), Florida (34), Georgia (10), Iowa (8), Illinois (12), Indiana (7), Kansas (6), Louisiana (4), Minnesota (24), Missouri (3), Nebraska (6), North Carolina (8), North Dakota (1), Oklahoma (4), Tennessee (4), Texas (43), Utah (6), Virginia (4), Wisconsin (2). Its distribution centers in 26 states are as follows: Fridley, Minnesota; Tifton, Georgia; Tyler, Texas; West Jefferson, Ohio; Little Rock, Arkansas; Ocono-mowoc, Wisconsin; Wilton, New York; Midlothian, Texas; Fontana, California; Albany, Oregon; Hunts-ville, Alabama; Topeka, Kansas; Pueblo, Colorado; Indianapolis, Indiana; Kalamazoo, Michigan; Lugoff, South Carolina; Bakersfield, California; Stuarts Draft, Virginia; Phoenix, Arizona; Amsterdam, New York; Cedar Falls, Iowa; Rialto, California; Woodland, California; Midway, Georgia; Chambersburg, Pennsylvania; DeKalb, Illinois. Target also maintains four import warehouses (Lacey, Virginia; Suffolk, Virginia; Rialto, California; Savannah, Georgia), and one fulfillment center servicing its online operations in Wood-bury, Minnesota.

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