Target 2004 Annual Report Download - page 5

disciplined management of company resources, board
independence, strict ethical practices and consistent
financial disclosure — and we remain dedicated to
upholding these principles in our pursuit of delivering
greater shareholder value. Today, Target enjoys a coherent
strategy, a clearly-defined brand, and a solid record of
financial results. With our 2004 divestitures of Mervyn’s
and Marshall Field’s, we are poised to build on this per-
formance and believe we are well-positioned to generate
profitable growth for many years.
Sincerely,
Bob Ulrich, Chairman and Chief Executive Officer
Board of Directors Change Recently, Roger Enrico, retired
Chairman and Chief Executive Officer of PepsiCo, and Bill George,
former Chairman and Chief Executive Officer of Medtronic, retired
from our board of directors. We thank both Roger and Bill for
their many years of service and expertise and thank Roger for his
contributions as Vice Chairman of the Executive Committee
during the past three years.
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increased shopping frequency and higher average
spending per visit. And, we reinforced our commitment to
balance merchandise differentiation and value with the
launch of The 1 Spot, an irresistible, ever-changing
assortment of quality, gift-oriented items that are each
priced at one dollar.
Our efforts and commitment to remain relevant are
unrelenting. In 2005, we will again delight our guests
with new fashion and exclusive offerings, novel market-
ing campaigns, the exceptional value that derives from
our investments in technology and supply chain, our
emphasis on capturing organizational synergies and the
power of our growing scale.
We will also continue to build upon our record of
corporate responsibility and strive to make a positive
difference in the communities we serve. Spanning nearly
six decades, our tradition of charitable contributions and
team member volunteerism in support of national and
local non-profit organizations is deeply rooted. Through
our funding of education, the arts, social services and
other vital partnerships, we are firmly committed to
strengthening the communities where we operate and
believe our outreach is integral to our continuing success.
We also fully understand and appreciate our company’s
heritage of strong corporate governance — including
2004 Market Share Growth
Target's overall market
share in 2004 was 9%.
With just over 1300 stores in
the continental United States,
we believe that Target has
ample opportunity for
profitable growth for many
years. We expect to continue
to enjoy meaningful gains in
market share, reflecting both
new store growth and
increased sales productivity
in existing stores.
10%+ Market Share
7.5%–9.9% Market Share
5.0%–7.4% Market Share
2.5%–4.9% Market Share
0.0%–2.4% Market Share