As a consultant for Target I have done a thorough analysis on retail sales which have been around for many decades in the event of consumer goods. The issue within this report is all about getting better sales in a retail environment. In order to get better sales in a retail environment they have to oversee their competitors by improving volume shopping. Furthermore, the issues that they will endure can become a problem later over the next couple of years. Problems that may occur are prices going up, and consumers going down.
As problems may persist other department stores especially Walmart is outsourcing in ountries other than the United States which is another issue. On the Contrary, Target is using e-commerce to keep their company flourishing and delivering their goods on time. The importance of this issue is very imperative to know because this can effect families who shop for common household goods. Will Target sales flourish as their competitor’s retail sales go up, or will they flop? Maintaining retail sales on consumer goods is the number one key factor in excelling in the retail business.
The retail business that has brought my analysis together is the environment on Target in which I have described early within his written analysis. Introducing the company The company target has been around for a while competing with other department stores such as Walmart. Target is important to our company because it offers many consumer products in which are available to many communities in local areas. However, Target needs to bring in better sales for their business in which Walmart has sales beyond other department store.
Target’s history has set the standard for their innovative merchandise, and reputation for great consumer shopping. Moreover, through the years they have shown great diligence in ourcing with other companies. Target in 1978 as a growing company purchased Mervyns in California that spread their business even more. Target also received 1 billion in annual sales that rewarded them with the milestone of the first Billion Dollar sale. Lastly, in 1988 they implemented the UPC bar code that has made it possible for speedy transactions, as well as a marketing pitch to gain more consumers.
Marketing for Target is all about looking for what’s selling, and expanding their brand in creative ways that can show statistical data through other ways. Part 2 Data Explanation After observing the charts and data for sales in the last decade in the department stores in retail sales have gone down tremendously since the year 1992. However, this is why our company as consultants are making sure that Target have numbers that are exceedingly above the rest give the total of all stores.
The retail industry for department stores have not seen high numbers since 1997 that shows great revenue for that year. Furthermore, the Census data that was collected for this analysis fits in the big picture to see how we need to grow the numbers for Target. According to Target Corporation (2015), Recent stories from Adbrands Weekly Update: Adbrands Weekly Update 25th Jun 2015: Pharmacy giant CVS has agreed to acquire the entire pharmacy and clinics division of discount retailer Target in a deal worth around $1. 9bn.
It will take over management and branding for Target’s 1,600 instore pharmacies, substantially boosting its own network. The retailer will use the proceeds from the deal to boost its groceries offer, where it currently lags far behind rival Walmart, as well as online services. Sales from Target’s pharmacy outlets are around $4bn annually. Adbrands Weekly Update 5th Mar 2015: Few surprises at Target, where the termination of the chain’s disastrous foray into Canada resulted in a $1. 6bn net loss for the year, while revenues were flat at $72. 6bn.
However, the performance by the main US business was significantly better than expected with same-store sales for the holiday season well above forecasts, raising hopes among investors that the worst may be over for the country’s #2 discounter. Adbrands Weekly Update 29th Jan 2015: Several marketing agencies could be at risk from bad debts associated with the closure of retail giant Target’s perations in the Canada. Target owes a combined total of $3. 4bn in connection with that business, including huge sums to suppliers such as Procter & Gamble (almost $690k) and Unilever ($338k).
There are hundreds of creditors in total, but the single biggest is media agency Carat, owed more than $9m in media buys, while MDC’s KBS and 72andSunny are out of pocket for almost $850k between them. Recruitment advertising agency TMP Worldwide is owed more than $440k and marketing communications firm Veritas $305k. Creditors are unlikely to get full payment for their bills, and will have to settle for a ubstantial discount, if indeed there is anything left in the pot after liquidation.
Adbrands Weekly Update 15th Jan 2015: In a shock development, US discounter Target announced plans this morning to cut its losses on its disastrous foray into Canada. It will close all 133 stores at a cost of as much as $600m. That’s on top of the $4bn it has already invested in the business. Target CEO Brian Connell said the company has spent the past two months on a rigorous study of its ailing Canadian subsidiary, but concluded that it was unlikely to achieve profitability before 021 at the earliest.
At the same time, a protracted turnaround would be a major distraction for management from the work needed to boost sluggish US performance. Adbrands Weekly Update 31st Jul 2014: Struggling to turn around after a difficult year, Target named PepsiCo executive Brian Cornell as its new CEO. He fills the shoes of Gregg Steinhafel who left the group three months ago after the twin whammies of a massive cyber- security breach and weaker than expected launch results from Canada. Cornell has spent the past decade at PepsiCo, most recently as CEO, Americas Foods.
Information that was presented above that Target has undergone many different obstacles in order to keep their business from failing. Now as information is being presented within this analysis we can look at the employment statistics in retail sales that play a major role. Moreover, by looking at the data you can see that retail trade has substantial went up by 31,000 causing the industry to provided more jobs. This information is pertinent to the retail industry especially Target because it allows them to hire more people for better consumer experiences.
Employment Data As you can see from the Part 3 assumptions. The assumptions that were proposed within the journey of this written report is the fact that Target needs a lot of changes in order to be more competitive. However, given that this assumption may be true there are other alternatives to look at in seeing the overall picture. Target has expanded their business tremendously in the past years while many setbacks such as a credit card breach, and lack of technology has cause them to lose money. analyze information.
Now in the foreseeable future Target could adapt some techniques that can improve heir company by analyzing information previously. One, they should improve online retail where it aids shoppers to order, and pick up in the store. Two, they should personalize the in- store shopping by using mobile technology. Third, Target should localize customer demands by creating the right products for the half the price in other establishments. For example, they should allow more sampling in the store to test out new products that consumers find interesting.
Furthermore, by creating a better experience for the customers Target will be willing to gain more customers, and open up jobs for better ompetitive techniques. Connecting this research with this report will allow consumers, and marketers to know what to look for given this tedious industry. Lastly, by providing some facts, and history for Target, and retail sales you can see that trends are noted, and expressed by the innovators of the company. Lastly, as the report comes to a conclusion on the problems the retail environment face it is clear that in order to get better retail sales you have to look in many different places.
One, you have to have insight on the popular products, and rends, Second, Target has to be aware of other areas that are doing better in the process of the retail industry. Lastly, as Target is explained within the analysis the community should be aware of changing trends such as the following: POS technology, Beacons, Wearable devices (smart watches, glasses, and fitness monitors, Augmented reality, and finally 3D printing. A follow up study that may assist in the ongoing changings in the retail environment is to conduct surveys, and provided some sort of advanced analytics that will capture the interest of their customers.