In this file:
· 3 Signs Target Corporation Needs New Management
… While the broad market trades near all-time highs, Target is down more than a third from its 52-week high, and the stock has been one of the worst performers on the S&P 500 over the last year…
· Target is weighing options for Food + Future lab in Cambridge, Mass.
· Target boycott reaches another milestone
3 Signs Target Corporation Needs New Management
Jeremy Bowman, The Motley Fool
via Pantagraph - Apr 19, 2017
Target Corporation (NYSE: TGT) seems to have gone from one catastrophe to the next in recent years.
A 2013 data breach affected more than 70 million customers and dampened sales over the subsequent quarters. That was followed by the company's decision to end its ill-fated expansion in Canada in 2015, which resulted in a massive $5.4 billion writedown. More recently, the company's decision to allow transgender customers to use the restroom of their choice prompted a boycott among some of its customers.
Sales and profits have also fallen in recent quarters, and the stock has gotten punished.
While the broad market trades near all-time highs, Target is down more than a third from its 52-week high, and the stock has been one of the worst performers on the S&P 500 over the last year.
CEO Brian Cornell took the helm of the big-box chain in August 2014, so he was not responsible for the credit card breach in 2013 or the Canadian expansion, though he did make the decision to pull out of Canada. Still, the stock has fallen about 10% during his tenure, and the company's recent performance has left much to be desired. Beyond the backlash over the company's bathroom policy and the stock's slide, there are other signs that Target may be due for a management change. Here are a few.
1. Executives heading for the exits ...
2. Declining comparable sales ...
3. A questionable turnaround strategy ...
Target is weighing options for Food + Future lab in Cambridge, Mass.
As company prepared to shut down initiative, offer possibly surfaced.
By Kavita Kumar, Star Tribune (MN)
April 18, 2017
Target Corp. is weighing its options for what to do with its lab in Cambridge, Mass., that aims to bring more transparency to the food system.
Food + Future was one of a number of initiatives potentially on the chopping block as the Minneapolis-based retailer pared back some innovation-related projects in recent months.
The team running it has been looking for outside investors over the last couple months to take over the venture, which also includes a farm in Vermont. An offer surfaced at the 11th hour Tuesday as Target was preparing to shut it down, according to a source familiar with the matter.
"Our intent from the beginning was to incubate Food + Future within Target and then look at options for outside investment," Target said in a statement. "With that in mind, we have been working with the Food + Future team over the past few months to find interested outside investors. That exploratory work continues and we don't have further updates to offer at this time."
Target first opened the Food + Future lab in January 2016 with MIT Media Labs and the design firm Ideo as partners. It has been exploring a number of ideas including building indoor farms inside of stores and was at one point planning to test one at Target's store near Fenway Park in Boston.
Target employs about 10 full-time workers at the Massachusetts lab. A handful of other positions are funded by partners or contractors.
As Target's sales have been on the decline in the last year and after a disappointing holiday, CEO Brian Cornell has been reining in the retailer's big-thinking innovation agenda to refocus on the core business. In January, Target halted a store-of-the-future concept being built in Silicon Valley and killed a secretive start-up project called Goldfish, which was to be an online marketplace.
In the future, Target said, it will tie its innovation efforts more closely to its major strategic initiatives.
Cornell said at an online retail conference last month that Target can't afford to invest in projects that don't see a tangible return within the next few years...
Target boycott reaches another milestone
Chris Woodward, OneNewsNow.com
April 19, 2017
The American Family Association's "Boycott Target" petition has received 1.5 million signatures. AFA's Walker Wildmon made the announcement earlier today on American Family Radio.
"It has officially reached 1.5 million signatures," said Wildmon. "So that's a great victory, it's a great milestone in what I view is a highly successful boycott of Target."
The announcement comes one year to the day that Target announced a policy allowing transgender employees and customers to use the bathrooms and changing rooms for the gender with which they say they identify. AFA then announced a boycott, saying the policy puts women and children at risk of sexual predators who take advantage of the transgender policy...