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Target Slows Store Openings to Focus on the Internet

Photo via Target/<a href="https://www.facebook.com/target">Facebook</a>.
Photo via Target/Facebook.

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Target sees a future where customers will order everything from its in-store inventory online, including groceries, its CEO said yesterday. We know we have to change the culture," he said. "We have to preserve operational discipline, [but] we live in the digital world." To aid online success, the company has hired execs away from companies like Gilt, Amazon, Gap and Estée Lauder, is partnering with Net-a-Porter on its next designer collab, is working on an order-online-and-pick-up-in-store service, developing a mobile wallet, and will be heavily pinning its holiday buys. According to a study cited by Fast Company, Target was the most-shared brand on Pinterest last December.

All this investing in digital means that fewer Target stores will be opening both stateside and in Canada. Said their CEO, "We were built to open 30, 40, 50 new stores a year. That's not going to happen in this environment."
· Target Corp.'s Gregg Steinhafel Touts 'Cultural Change' [WWD, sub req]
· Target Pins its Hopes on Pinterest This Holiday Season [FastCo]
· WHAT? Target Announces Next Collab With Peter Pilotto [Racked]