Target Corporation Mission Statement Analysis

• Company: Target Corporation  
• CEO: Brian C. Cornell
• Year founded: 1902
• Headquarters: Minneapolis, Minnesota, USA
• Number of Employees: 440,000
• Type: Public
• Ticker Symbol: TGT
• Market Cap (Nov 2025): $44.28 Billion
• Annual Revenue (FY 2024): $106.57 Billion
• Profit | Net income (FY 2024): $4.09 Billion

Products & Services: Food and Beverages | Apparel and Accessories | Home Decor | Baby Products | Household Essentials | Furniture | Patio and Garden Items | Home Appliances and Electronics | Kitchen and Dining Items

Competitors: Walmart | Amazon | Costco | Home Depot | Kroger | Sam’s Club | Lowe’s | Best Buy | Instacart | Kohl’s | Whole Foods | Macy’s | Nordstrom | BJ’s Wholesale Club | JC Penney

Did you know? Over 75% of the US population lives within the perimeter of 10 miles of a Target store.

Target is America’s seventh-largest retailer, with 415,000 employees and 1,956 stores. The retail giant was founded in 1902 by George Dayton and was named as the Dayton Dry Goods Company. It operated under the Dayton-Hudson Corporation banner until 2000 when it rebranded as Target Corporation. Target’s mission statement, values, corporate strategy, and sustainability goals differentiate the retailer from its competitors and drive growth. In Oct 2024, Target opened 9 new stores in California, Delaware, Florida, Hawaii, Iowa, New York, North Carolina, and Tennessee. [1]

Target operates discount department stores and hypermarkets. The Minneapolis, Minnesota-based retail chain offers curated assortments of general merchandise and food at discounted prices. In FY 2024, Target Corporation generated $106.57 billion in annual revenue. [2]

Image Source: Bullfincher.io

To understand why Target is so successful, here is a comprehensive analysis of its mission statement, values, principles, and sustainability goals:

Target Corporation’s Mission Statement

To help all families discover the joy of everyday life. [3]

Here is our analysis of Target’s mission statement:

1. Convenience

Target aspires to fulfill all consumers’ shopping needs. The retailer provide a wide range of products under one roof, including food, apparel, household essentials, patio and garden items, furniture, and electronics. It sells goods through physical stores and online platforms like Target.com. In Mar 2024, Target announced plans to open over 300 stores within 10 years. The company is increasing same-day delivery services and adding brand shops like Ulta Beauty in its locations. These investments enhance convenience. [4]

2. Excellent shopping experience

Target strives to deliver the best product discovery journeys in-store and online. The retailer is enhancing its supply chain network and free fulfillment services like drive-up, order pickup, and same-day delivery. In 2023, Target opened 21 stores, creating new opportunities for millions of consumers to enjoy an oh-so-inspiring shopping experience. The company is adding more large-format locations with around 125,000 square feet. These new stores offer the best shopping experience, featuring an open layout. [5]

3. Affordable products

Target aims to help consumers access essential items such as food, clothing, baby products, and more. The retailer achieves this mission by selling goods at discounted prices. It also offers seasonal promotions to help shoppers cut their budgets. In Oct 2024, Target reduced the prices of over 2,000 items to increase customers’ savings. The list includes toys, board games, beauty products, bath towels, snacks, food and beverages, toilet paper, and cold medicine. The retailer plans to lower prices on over 10,000 items during the 2024 holiday season. [6]

4. Target Corporation’s Values

Target’s values guide the retailer’s daily behaviors and help bring its vision and purpose to life. They fuel the company’s culture – care, grow, and win together – and ensure its team members work toward a common goal. These values focus on inclusivity, connection, and the drive to do the right thing. [7]

Here is an in-depth analysis of Target’s values:

1. Inclusivity

Target values diverse voices and approaches, authenticity, and respect. It strives to create equitable experiences for all and a welcoming, inclusive place to work and shop. For example, Target has offered exclusive Pride merchandise for 10 years. The retailer creates and sells over 150 inclusive products to inspire solidarity and empathy with the LGBTQIA+ community. It is committed to helping customers and employees express their individuality. [8]

2. Connection

Target values trusted, mutually-beneficial relationships. The retailer implements this principle by enabling collaboration across business functions and celebrating progress. It creates opportunities for team members to build productive connections. For example, Target employees can join mentorship programs to enhance their work experience and development. This initiative connects team members with mentors, coaches, and sponsors. [9]

3. Drive

Target is committed to doing what’s right for its business, employees, customers, and the environment. The company stands by its principles and continuously learns and improves by valuing progress over perfection. For example, conservatives raged a culture war against Target over its 2024 Pride month collection. The retailer defended its LGBTQIA+-themed merchandise and continued supporting the LGBTQIA+ community because “it’s the right thing for society and the brand.” [10]

Image Source: Bullfincher.io

Target’s Corporate Strategy

Target’s corporate strategy is driven by a durable business model that differentiates the brand in the marketplace. The framework guides Target’s mission implementation, ensuring “all families discover the joy of everyday life.” It also helps the company serve its employees, vendors, communities, and shareholders. Target’s mission statement, values, and corporate strategy are founded on the culture of caring, growing, and winning together. [11]

Here are the core elements of Target’s corporate strategy:

1. Expansion

Target seeks to boost growth by delighting consumers with new stylish products and maximizing value for their money. The company is strengthening its in-house brands and expanding its signature partnerships. In Nov 2022, Target unveiled its large-format store to deliver on its stores-as-hubs digital fulfillment strategy. The retailer plans to build over 300 new stores in 10 years. [12]

2. Deliver ease and value

Target implements this strategy by providing affordable products and leveraging promotions. For example, the retailer expanded its Target Circle loyalty ecosystem in Mar 2024 to offer three new shopping and saving options. Target is also opening new stores, upgrading existing locations, and enhancing its digital experience to reach more consumers. These strategies deliver convenience and value to customers. [13]

3. Technology

Target leverages cutting-edge technologies to connect data, insights, and solutions. For example, the retailer uses artificial intelligence (AI) to support its team and drive efficiency organization-wide. AI also delivers personalized experiences to customers and improves product discovery across channels. [14]

4. Efficiency

Target is boosting efficiencies organization-wide to fuel growth and deliver the best customer experience. The company is transforming its supply chain for increased speed, efficiency, capacity, and reliability. Its goal is to save $2-$3 billion through these efforts in a few years. In 2023, Target achieved over $500 million in cost savings thanks to its efficiency initiatives. [15]

5. Sustainability

Target seeks to enhance business model resiliency through Target Forward. The Target Forward strategy leverages stores as fulfillment hubs, providing convenience for customers and reducing fulfillment costs. As of 2023, Target fulfilled over 96% of sales in-store. [16]

Target Corporation’s Sustainability Goals

Target has several sustainability goals to be met by 2025, 2030, and 2040, including:

• Achieve the net zero Scope 1, 2, and 3 greenhouse gas emissions enterprise-wide by 2040.
• Source 100% of electricity for its operations from renewable sources by 2030.
• Achieve a 55% absolute reduction in operations emissions by 2030 from a 2017 base year.
• Achieve a 32.5% absolute reduction in supply chain emissions by year 2030 from a 2017 base year.
• Offer two circular brands by 2025 and design 100% of owned brand products for a circular future by 2040.
• Ensure Target-owned brand products use 100% recycled, regenerative, or sustainably sourced materials by 2030.

The retailer implements its sustainability strategy through the Target Forward program. [17]

Image Source: Bullfincher.io

Here is how Target is progressing on its sustainability goals:

1. Climate

Target is focused on driving energy efficiency and adopting renewable energy to reduce its Scope 1, 2, and 3 emissions. The company achieved its milestone of sourcing 60% of electricity from renewable sources in 2022, three years ahead of schedule. As of 2023, 71% of its suppliers had set science-based scope 1 and 2 targets. The first Target store with net-zero energy tech produces over 100% of its energy needs. [18]

2. Circularity

Target seeks to reduce waste and use more sustainable, reusable, and recyclable materials. It will design its Universal Thread and Everspring brands for circularity by 2025. Since 2018, Target has trained over 3,000 team members and 1,000 vendor employees in its circular design principles. [19]

3. Responsible Resource Use

Target seeks to minimize the impacts of its products. The retail giant is switching to environmentally preferred materials, eliminating waste, and leveraging a responsible sourcing strategy. It works with several sustainable partners to source palm oil, cotton, forest-based products, coffee, and seafood. In 2022, the company launched the Target Zero initiative to help customers find products that create less packaging waste. [20]

4. Responsible Supply Chains

Target plans for 100% of its suppliers to adopt programs to advance gender equity by 2025. The company joined the Better Than Cash Alliance, allowing its suppliers to pay workers digitally. In 2022, Target launched its Just and Equitable Supply Chain (JESC) policy. These efforts nurture responsible and equitable supply chain practices. [21]

5. Serving and Strengthening Communities

Target invests in organizations and networks via Target Foundation to help communities prosper. The company announced a $100 million investment spread between 2021 and 2025 to support Black communities and students. In 2023, Target team members volunteered over 1 million hours and contributed millions of dollars to charitable causes. These efforts serve and strengthen communities. [22]

References

1. Target Corp. (2024, Oct 30). Target’s October 2024 New Store Openings. Target.com
2. Statista Research Department (2024, Sep 25). Target: revenue in the United States 2005-2023. Statista
3. Target Corporation. Our Company: Purpose. Target.com
4. Moss, L. (2024, Mar 6). Target Plans To Open More Than 300 Stores in the Next Decade. CoStar News
5. Target Corp. (2024, Jan 25). Our Latest Stores and Enhanced Services Offer More Love. Target.com
6. Target Corporation (2024, Oct 22). Target Will Reduce Prices on More Than 2,000 Items to Help Consumers Save this Holiday Season. Target.com
7. Target Corporation. Culture: Our Values. Target.com
8. Edelson, S. (2023, May 25). Target Corp. stresses Core Values as Conservatives rail against retailer’s support of LGBTQIA+ Community. Forbes
9. Target Corp. Career Development: Mentorship Connections. Target.com
10. Halon, Y. (2023, May 23). Target CEO says, “woke capitalism is great for their brand and the right thing for society.” Fox News
11. Target Corporation. Target: Our Corporate Strategy. Target.com
12. Target Corp. (2022, Nov 10). Target Debuts New Larger-Format Store Featuring Modern Design and Expanded Space to Fuel Popular Same-Day Fulfillment Services. Target.com
13. Target Corp. (2024, Mar 5). Get Ready: Target Circle is Getting Even Better with Three New, Easy Ways to Shop and Save. Target.com
14. Target Corp. (2023, Dec 18). Target’s Using Artificial Intelligence to Make Your Shopping Experience Better. Target.com
15. Target Corporation (2024, Mar 5). Target Corporation Reports Fourth Quarter and Full-Year 2023 Earnings. Target.com
16. Prakash, S. (2023, Mar 13). Target’s innovative fulfillment approach drives growth. Grocery Doppio
17. Target Corporation. Target Forward: Our Sustainability Strategy. Target.com
18. Target Corp. (2024, Jul 31). An All-Team Effort: Celebrating Meaningful Progress in our Sustainability Journey. Target.com
19. ESG Staff (2024, Apr 15). Target’s Sustainability Efforts Are Sprouting and Supporting Future Growth. ESG News
20. Target Corp. (2022, Mar 9). Target Announces Target Zero: A New, Curated Collection of Products Aiming to Replace Single-Use Packaging. Target.com
21. Target Corp. Sustainability: Responsible Sourcing and Manufacturing Practices. Target.com
22. Target Corp. (2024, Feb 21). A Milestone of Giving: Target Celebrates Over 1 Million Volunteer Hours in 2023. Target.com
23. Featured Image by Shabaz Usmani