Target, Inc.

Target Corp. is taking a cue from Hollywood to help shoppers create the living room of their dreams.   The discounter is using the same type of computer generated imagery that figures in movie blockbusters to create a 360-degree, virtual reality-like experience on its website. And it’s shoppable.   

Amazon leads the way in the retail industry when it comes to creating an emotional bond with customers, but the industry as a whole lags behind two other categories.    That’s according to MBLM’s Brand Intimacy 2017 Report, in which Amazon placed first in the retail category. followed by Whole Foods Market and Target Corp. The remaining brands in the top 10 for the retail industry are: H&M, Macy’s, Nordstrom, Sephora, Ikea, The Home Depot and eBay.  

Greg Portell, lead partner in the retail practice of global strategy and management consultant A.T. Kearney, discusses Target’s plan to test next-day delivery of online orders of household essentials. The new service, called Target Restock, is open to shoppers of the chain’s REDcard loyalty program.    What influenced Target’s decision to launch the program? 

New store format emphasizes convenience

In its most ambitious store redesign to date, Target Corp. will debut its next-generation format in October, in a 124,000-sq.-ft. store in Richmond, Texas. The new prototype is designed for flexibility and convenience, and will offer open sight lines and elevated product presentations. It also comes with a variety of timesaving features, physical as well as digital.

In addition, 40 additional Target stores will receive elements of the redesign when they are updated, also in October. And there is more to come.

What will the stores of the future be like? It’s certainly not a new question, but it’s one that seems to have taken on increased urgency as the shift to digital continues and retailers, some of them under siege from more nimble online competitors, wrestle with how to ensure their stores remain relevant going forward. It’s also a question that is sure to be top of mind for the shopping center owners and brokers who gather at the end of May in Las Vegas for RECon, the annual retail real estate confab.

At a time when store closings and consolidations are dominating the headlines, understanding the underlying industry dynamics also requires paying close attention to new store openings. Brands that are expanding their footprints are providing a revealing look at how consumer shopping patterns, priorities and preferences are evolving. In turn, this shows what might be in store for the retail industry ahead.

Want to stay ahead of the competition — or at least keep pace with it? Invest in a tech lab — or an accelerator.

With the pressure to innovate greater than ever, savvy retailers understand they can no longer wait for new solutions and technologies to be proven in the field. That’s why so many of them have invested in tech labs (aka “retail innovation labs”).

People and corporations are streaming back into America’s downtowns. Are they chain retailers’ best hope for growth?

“City of stars, are you shining just for me?” sings Ryan Gosling in this year’s hit movie musical “La La Land.” “City of stars, there’s so much that I can’t see.”

Target is planning to test a next-day delivery of essentials ordered online in the Minneapolis area.   Called Target Restock, the service will pilot this summer in the discounter’s hometown. Once the pilot is live, shoppers who have a Target REDcard will be eligible to visit a dedicated online experience to access thousands of household essentials.  

Four more and he’ll match his age.   Twenty-four-year old Joel J. Gorjian, a VP at Great Neck, New York-based Namdar Realty Group, has made his 20th retail center purchase in the past 12 months, this time a mall in suburban Chicago.