Target 2003 Annual Report Download - page 11

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Speeding into 2004 …Momentum Backed by Success
Through disciplined investment in new discount stores and
SuperTarget stores, and the growth of sales in existing
stores, Target is enjoying profitable market share increases.
We continue to add eight to 10 percent, net, to our retail
square footage annually, with SuperTarget stores typically
representing about one third of this growth.
At SuperTarget, guests find the great merchandise
they’ve always found at Target, plus a well-stocked super-
market. These stores are producing strong results and we
continue to refine our merchandising and operations to
ensure greater guest satisfaction. We remain focused on
improving our sourcing, offering unique products and
delivering exceptional value. We are adopting new higher
standards for freshness, food safety and sanitation. We
have significantly improved the packaging design on our
own Archer Farms and Market Pantry products, and we
are more than doubling our penetration of these brands
in our stores.
To achieve our objective to be the preferred shopping
destination for our guests, we are relentlessly pursuing
new opportunities and initiatives that enhance our brand
identity, while maintaining a disciplined capital investment
program. We understand that our guests appreciate the
chain-wide consistency of Target — our dedication to fast
and friendly service as well as clean, fresh, easy-to-shop
store environments. Together, these elements have been
important contributors to our past success and we believe
they will be key components in the future as well.
Owned Brands Our owned brands, such as Market Pantry,
Archer Farms, Merona and Xhilaration, form the foundation of our
differentiated strategy in both our food and general merchandise
assortments. Because our grocery brands are under-penetrated
and represent a high-quality, value-priced alternative for our guests,
we are working diligently to expand our offering. In 2003, our
merchandise introductions produced a 60 percent increase in items.
Fast, Fun and Friendly Team Our commitment to please our guests
is at the heart of our strategy and inherent in our brand identity.
Each of our approximately 273,000 team members is committed
to offering outstanding service to our guests, every day, in every
store, one guest at a time. By injecting speed into each guest
experience, providing knowledgeable and cheerful service and
ensuring that our stores are clean and inviting, we make superior
guest service a priority.
“Steer a red-plastic shopping
cart down the wide white aisles
of any Target store and you’ll
see wonderful design mixed in
with the jumbo-size laundry
detergent, school supplies and
pet food…” — House Beautiful, June 2003