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Target outlines plans for private label push.
MINNEAPOLIS -- Target is more determined than ever to differentiate through private and proprietary products, executives told analysts at its annual meeting with the financial community. The company unveiled no significant changes in strategy--executives didn't even discuss the handsome incentive package made to ensure Target Stores president Gregg Steinhafel will stay for four more years--rather it detailed plans to expand the company's private label food program, add Patrick Robinson and Devi Kroell to its portfolio of apparel and accessories designers and launch a private label toy line.
The greatest variety of initiatives discussed was in food. By detailing multiple efforts, Target more firmly established that it has settled on private label as its means of reaching food-loving consumers and differentiating its edibles assortment. It further assured observers that, in seeking to customize its edibles presentation, the company no longer is bouncing from its emphasis on national brands to upscale specialty to private label to licensed goods as it has for several years.
Steinhafel noted that private label represents 15% of the retailer's food assortment, and he said that proportion would expand by 200 to 300 basis points per year for the next three to four years.
Although it didn't focus heavily on its logistics initiatives in the presentation, Target executives made it clear that they expect global sourcing and the company's recent move to food self-distribution in the southeastern United States to help counter margin pressures arising from its increasing commitment to consumables.
Current plans call for a particular focus on Archer Farms, Market Pantry, Sutton & Dodge, Choxie candy and the Target Wine Cube. "Through these own food brands we delight our guests and broaden our differentiated high-quality food assortment while also offering exceptional value," said Steinhafel. "This year we plan to add several hundred products to our Archer Farms assortment including condiments, rubs and dips, organic frozen vegetables in steaming bags and a complete line of high-quality breakfast ...
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