Brian Cornell sees a “new normal” at Target Corp. as retail transitions away from the wild swings of the pandemic.
At an investor day in New York, Cornell, who is chairman and chief executive officer, painted a picture of a company that has had a dramatic growth spurt and is now ready to retool to consolidate those gains.
“We’re starting 2023 on a revenue base of $109 billion, not the $78 billion we had back then,” Cornell said. “But unlike 2019, our three-year revenue growth is $30-plus billion, not just $8 billion. And our digital penetration now stands at nearly 19 percent. During the pandemic, guests became more attached to Target.
“While we gained incredible scale by continuing to prioritize our guests, I acknowledge we’re still developing some of the tools to marshall that scale efficiently,” the CEO said. Target has a $17 billion apparel business that has grown by $3 billion over the past three years. But that puts the category at growth of 21 percent — impressive, but nonetheless just more than half the corporate rate.
O’Neil said apparel has “unique complexities from the fact that we partner with vendors to source materials to the fact that we have unique fixtures in store for presentation to all the geographical and weather considerations that go into assortment planning.”
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