- Replacing kids' brands Cherokee and Circo last year with Cat & Jack was a smart move, as it grew sales by double digits and just hit $2 billion in its first year.
- Their new men's brand - Goodfellow & Co. - is a nod to the department store in downtown Minneapolis that launched the Dayton family's retail empire that eventually became Target. In addition to being more fashionable, Goodfellow clothes have been created with attention to how they feel and fit, offering several styles in pants.
- A New Day will feature new pieces every month, instead of quarterly as with the older brands (like Merona). Target is hoping the change, - which brings it more in line with some of its competitors like J. Crew and Zara - will drive more frequent trips to see new merchandise. This is Target's answer to the "fast fashion" trend.
- Target also saw an opening in the market for JoyLab, a new fashion-focused athleisure line aimed at a younger customer than the Lululemon crowd. Target decided to create a new brand for it rather than making it part of C9, another major Target athletic brand.
- Regarding pricing, Target claims that while their new offerings will have better-quality fabrics, the prices will not be higher. Target will start with more of an everyday low pricing strategy from the get-go, with the intent to move away from the cycle of marking items up and then relying on promotions to help move them back down. This might be why the clearance racks at my local store have disappeared.
Monday, August 14, 2017
Target refreshes brands to stay relevant...
Star Tribune printed an in-depth article over the weekend about Target's new brands and revised marketing strategy. Here are some highlights that I found interesting: