Target, Inc.

Brian Cornell, CEO and chairman of Target Corp., has focused on digital innovation since he took the top spot at the chain last August. He recently participated in a Q&A at the high-profile tech event, the Code Conference, in Ranchos Palos, California.  

Here are some highlights from his conversation, as posted on Target’s very own Bullseye View blog.

London -- The most valuable retail brand in the world lacks physical stores. At least that’s according to the tenth annual BrandZTM Top 100 Most Valuable Global Brands ranking, released by WPP and Millward Brown. Chinese online giant Alibaba took the top spot of the retail, with a brand value of $66.4 billion, overtaking Amazon, at $62.3 billion.

New York - The proposed $19 million deal between Target Corp. and MasterCard stemming from the retailer's 2013 data breach has fallen apart after it failed to get the support of 90% of the banks affected by the breach, the Minneapolis StarTribune reported. Click here for the full story.

Seattle - Auburn University's new RFID Lab held its grand opening May 21, during which Amazon.com announced a joint project with the university to explore the business case for the implementation of RFID within the Amazon supply chain. Amazon has utilized RFID technology in its fulfillment centers, where customer orders are picked from shelves, moved on conveyers and loaded onto trucks for rapid shipping and delivery.

MINNEAPOLIS —Target Corp. on Wednesday reported a larger-than-expected increase in first-quarter profit amid signs that its efforts to refocus and revamp its product lineup are taking hold. Target executives said they are “pleased” with its first quarter, particularly the performance of  its signature categories, as the retailer also posted a lift in sales and double-digit gains in its digital channel.

Target’s efforts to revamp its product assortment are apparently paying off for the company, which reported a nearly 52% surge in first quarter profit on strong sales of fashion, home and beauty products.

The company posted a profit of $635 million for the three months that ended May 2. Same store sales rose 2.3%, beating forecasts. Revenue rose 2.8% to $17 billion. Online sales rose nearly 38%.

Minneapolis – Target Corp. plans to roll out RFID-enabled “smart labels” later this year to aid inventory accuracy and improve in-store stock levels. In a corporate blog post, Keri Jones, executive VP, global supply chain and operations of Target, said the retailer is working with “key vendors” on a “fast paced timeline” to deploy RFID.

Minneapolis – Target Inc. does not want to be your father’s mass merchandiser. According to the Wall Street Journal, Target has informed established CPG companies including Campbell Soup, Kraft, General Mills and Kellogg Co. that it will promote their brands less to place more emphasis on brands that meet the changing preferences of modern consumers.