What slowing economy?
In this exclusive interview, Target CEO Gregg Steinhafel shows it’s almost full-speed-ahead for the chain, in contrast to the jitters at many other retailers. He’s presiding over the company’s record number of remodeled locations this year (about 400), the opening of smaller urban stores, plans for an expansion into Canada and an overhaul of its website, which will soon operate independently of Amazon.
Consumers can look forward to more fresh food and new higher-end clothing and houseware designers — including Missoni — offered on a limited-time-only basis. But those who rely on after-Christmas sales for their holiday decorating and sweater needs may be disappointed. He’s cutting inventories to reduce the need for post-holiday markdowns.
Steinhafel, 56, started as a “Buyer in Training” at Target in 1979. He was named president in 1999, president and CEO in May 2008, and chairman of the board in January 2009. He continues to hold all three titles.
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Retail strategist John Long says Target is better positioned than most in this economy. “More than any other mass retailer, there’s still something chic associated with shopping at Target,” says Long, of retail consulting firm Kurt Salmon. But he says it’s unclear whether that gives Target greater pricing power with the higher inflation many expect this fall.