Target 2007 Annual Report Download - page 11

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9
To Our Shareholders:
Bob Ulrich’s leadership has been instrumental in defining the Target
brand, driving our growth and establishing our position as a leader
in the industry. I have been fortunate to have had the opportunity
to learn from him, and I am honored to lead the next phase of
growth at Target.
Our future success depends on our continued ability to fulfill our
Expect More. Pay Less. brand promise with passion and discipline,
and deliver outstanding value for our guests, team members,
shareholders and communities. To maintain our unique position in
the marketplace, we must consistently deliver the differentiated
brand experience that has driven our success for decades.
Our legacy of balancing continuous innovation with skillful
execution positions us well for the challenges of the future. We
know we cannot meet our guests’ needs tomorrow by providing
the same solutions we offer today. While the guardrails of our
strategy remain firm, we recognize the importance of having the
flexibility and foresight to continually adjust and refine our tactics,
and take the calculated risks that will make us faster, more efficient
and better able to offer a differentiated shopping experience that will
ensure our relevance as we grow.
We remain firmly focused on our brand promise as we strive for
continuous improvement in everything we do.
• To ensure we are offering the right products when and where
our guests want them, we are working to balance our overall
efficiency with the unique needs of our guests by
effectively segmenting our supply chain and assortments with
localized strategies.
• To drive continued profitable market share growth, we are
committed to efficient expense management with focused
attention on both delivering results today and preparing for
our future.
• And to provide a consistent flow of fresh, unexpected merchandise
at incredible values, we continue to enhance our exclusive owned
brands, signature national brands and designer assortments.
As we move into the next chapter of our growth, we remain proud
of our heritage and excited about our future. We know we have
the right strategy for Target. We value the strength of our brand,
and the talent of our team. Our collective passion for our guests,
team members, shareholders and communities makes us uniquely
Target—and will guide us toward a successful future built on our
successful past.
Sincerely,
Gregg Steinhafel, President
Board of Directors Changes
During the past year, Warren Staley, Chairman and Chief Executive Officer of Cargill, Inc. retired from our board of directors. We thank Warren for his
contributions during his six years of service. Also during the past year, we welcomed to our board Mary Dillon, Executive Vice President & Global Chief
Marketing Officer of McDonald’s Corp., and Derica Rice, Senior Vice President & Chief Financial Officer of Eli Lilly & Company.