Fortune on Target
By Jennifer Hopfinger
On the heels of the March 17th cover story, "What Makes Apple Golden," and the March 3rd cover story, "The Pepsi Challenge," Fortune magazine turns it sights on another corporate giant in its March 31st cover story, "How Target Does It." Writer Jennifer Reingold profiles the retailer, which has had a great run but is now facing new challenges: a tough economic climate, a strengthening competitive threat from walmart and a new CEO.
Oddly, according to the article, neither the outgoing CEO Robert Ulrich, who has been at Target's helm for 14 years, nor the company itself has ever been featured on the cover of a major magazine. This, despite the fact that Target ranks 33rd on the Fortune 500 list, which means it's bigger than Microsoft and PepsiCo and more than twice the size of Cisco Systems.
In fact, unlike other CEOs of companies of similar size, few people have ever even heard of Ulrich. Despite the fact that he's worked at Target for 23 years, he isn't often recognized by his own employees. According to Reingold, Ulrich's No. 2, Gregg Steinhafel, who will take over as CEO in May, is just as low-profile. During the interview for the article, Reingold writes, Steinhafel was reluctant to talk about himself, saying the conversation should be about the brand.
"Thanks to the efforts of this mysterious Minneapolis-based crew, it has been," she writes. "Target has been around since 1962, but in the past decade its red-and-white circles have become as instantly recognizable as the swoosh or the bitten apple. A recent survey showed that an amazing 97 percent of Americans recognize Target's target."
But while the company has experienced impressive growth in recent years, Target is about to change leadership in an uncertain economy. "It might look bleak," she writes, "until you understand that Target's real competitive advantage isn't a logo or a line of designer purses or a catchy slogan. It's the team that created them." The article delves into the little-known people behind the well-known brand.
On the heels of the March 17th cover story, "What Makes Apple Golden," and the March 3rd cover story, "The Pepsi Challenge," Fortune magazine turns it sights on another corporate giant in its March 31st cover story, "How Target Does It." Writer Jennifer Reingold profiles the retailer, which has had a great run but is now facing new challenges: a tough economic climate, a strengthening competitive threat from walmart and a new CEO.
Oddly, according to the article, neither the outgoing CEO Robert Ulrich, who has been at Target's helm for 14 years, nor the company itself has ever been featured on the cover of a major magazine. This, despite the fact that Target ranks 33rd on the Fortune 500 list, which means it's bigger than Microsoft and PepsiCo and more than twice the size of Cisco Systems.
In fact, unlike other CEOs of companies of similar size, few people have ever even heard of Ulrich. Despite the fact that he's worked at Target for 23 years, he isn't often recognized by his own employees. According to Reingold, Ulrich's No. 2, Gregg Steinhafel, who will take over as CEO in May, is just as low-profile. During the interview for the article, Reingold writes, Steinhafel was reluctant to talk about himself, saying the conversation should be about the brand.
"Thanks to the efforts of this mysterious Minneapolis-based crew, it has been," she writes. "Target has been around since 1962, but in the past decade its red-and-white circles have become as instantly recognizable as the swoosh or the bitten apple. A recent survey showed that an amazing 97 percent of Americans recognize Target's target."
But while the company has experienced impressive growth in recent years, Target is about to change leadership in an uncertain economy. "It might look bleak," she writes, "until you understand that Target's real competitive advantage isn't a logo or a line of designer purses or a catchy slogan. It's the team that created them." The article delves into the little-known people behind the well-known brand.
posted by Give Me Something to Blog About at
6:55 PM
Links to this post:
Create a Link
<< Home