Target 2002 Annual Report Download - page 10

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The value of low prices on film and
flip-flops, lozenges and lampshades,
diapers and DVDs, all under one roof.
The value of designers like Mossimo
Gianulli, Michael Graves and Liz Lange
at exceptional prices. The value of
bright lights, wide aisles and quick
check-outs. The value of a fast, fun
and friendly shopping experience.
At Target, creating value for our guests
is at the core of our differentiated
strategy and our vision for the future.
It is inherent in our Expect More.
Pay Less. brand promise… and in our
commitment to consistently delight
our guests. We offer compelling
prices and in-stock reliability on
a broad assortment of commodity
products, with the fashion freshness
and merchandise excitement of
designers like Amy Coe, David Kirk
and Isaac Mizrahi, with the quality
and trend of trusted brands that
include Waverly, Calphalon and Baby
Tykes by Carter’s, and with the ease
of shopping in a clean, convenient
and enjoyable environment.
Our focus on pleasing our guest
is so intent that we invest millions
of dollars annually to understand
her shopping preferences and
anticipate her needs. In 2002, we
leveraged this knowledge to deliver
even greater value as we further
expanded our market share and
increasingly differentiated the Target
shopping experience. We added
approximately 12 percent in net new
square footage to our store base,
opening 114 new discount stores and
SuperTarget locations. We introduced
premium brands such as Starbucks,
Cinnabon and Andrea Immer into our
grocery assortment and Tupperware,
Stride Rite and Woolrich into our
general merchandise offerings; we
enhanced the penetration of owned
brands, such as Archer Farms and
Market Pantry; and we intensified our
focus on being in-stock and priced
right throughout the store.
We also strengthened our com-
mitment to deliver value to our guests
at Mervyn’s and Marshall Field’s.
At Mervyn’s, we added more than
a dozen new national brands to our
merchandise assortment, expanded
our presentation of women’s apparel,
enhanced the fashion content of our
home offering and initiated plans to
remodel approximately 200 stores by
2005. At Field’s, our efforts centered
on increasing merchandise excitement
and newness through exclusive design
partnerships, further development
of unique owned brands, heightened
emphasis on holidays and special
events and the renovation of our
Chicago State Street store.
Over time, our guest’s definition
of value and her expectations
have evolved, but our commitment
to delivering value remains as
clear and unwavering as it has
ever been.