Target, Inc.

Minneapolis -- Target Corp. said Tuesday that its CFO and executive VP Doug Scovanner will retire from his posts effective March 31, 2012.

He will remain with the company for the next five months to assist with the transition, according to the retailer.

A successor has not yet been named.

Scovanner has served in his current role since 1999.
 

MINNEAPOLIS — The unexpected announcement that Target EVP and CFO Doug Scovanner will retire on March 31, 2012 has investors speculating about the reasons for his departure following the recent exit of other key executives.

Analysts at Bernstein Research pointed to the fact that no successor has been named, suggesting that the retirement was not a long planned for event. However, the firm said it believes that despite the unexpected news, this appears to be a true retirement and doesn't anticipate seeing Scovanner in a CFO role at another major company.

News spread quickly last week that Target stores would open at midnight on Black Friday, and that was the idea. The company earned a tremendous amount of media exposure by announcing its earliest ever opening time and joined the ranks of other retailers eager to accommodate the desires of millions of Americans by opening as early as possible on Black Friday.

Any given week Target’s circular is filled with various offers of free gift cards designed to incent shoppers to purchase key items.  Some of the offers can be quite generous, as was the case this week with a $50 gift card available to those who purchase an Xbox 360 bundle or a $20 gift card with the purchase of KitchenAid appliances priced at $99.99. The most common gift card denomination is $5, and it tends to be offered on multiple items from the same manufacturer or brand family such as two Gillette razors or three Dial products.

The latest pricing studying from Deutsche Bank analyst Charles Grom shows a basket of 50 items is still cheaper at Walmart than Target, but by a slimmer margin than in the past.

It was a wonderful weekend to be a coupon clipper, especially for shoppers looking to load their pantry with P&G brands. In Sunday newspapers this weekend, the consumer goods giant dropped its P&G Brand Saver insert, which featured some very high value coupons, including one for $2 off a 100-ounce jug of Tide that was ostensibly offered as a gift to shoppers to commemorate the detergent’s 65th anniversary.

New York City -- Macy’s announced that its namesake stores across the country will open at midnight on Nov. 25, the midnight of Thanksgiving night, to kick off the 2011 holiday shopping season. It is the first time that Macy’s has opened its doors chainwide at midnight. The company’s Bloomingdale’s unit will open its doors on Black Friday at 8 a.m.

Last year, Macy's opened eight stores at midnight. The rest of the stores opened at 4 a.m.

The proverbial race to the bottom is nearing its conclusion as evidenced this week by Target’s decision to open Denver area stores on Thanksgiving Day. This development was overshadowed somewhat by the retailer’s decision to open stores at midnight on Black Friday, but it is no less significant simply because only one market is involved.