Target Unveils Neiman Marcus Collection, Holiday Price Program
October 17, 2012,
NEW YORK-Target has debuted a series of holiday shopping programs, including the new collection under its partnership with Neiman Marcus and the Holiday Price Match program.
Target unveiled these initiatives at a meeting with the press here yesterday, which included to Target and Neiman Marcus executives.
As part of this launch, Target and Neiman Marcus announced a partnership with the ABC Television Network. The two retailers will be the sole sponsors of an episode of the series "Revenge," which will air on Nov. 11. In place of broadcast commercials, the retailers will work with the "Revenge" creative team to formulate original content incorporating the Target + Neiman Marcus Holiday Collection, which will air throughout the November-sweeps episode of the series.
The Holiday Price Match program offers Target customers the ability to match select online competitors' prices in its stores from Nov.1-Dec. 16. If a shopper purchases a qualifying item from Target in this time frame and then finds it priced less on target.com or on a competitor's site, Target will match that price. Qualifying online retailers include amazon.com, walmart.com, bestbuy.com and toysrus.com.
The meeting also included a look into Target's business. Gregg Steinhafel, chairman, president and CEO, said Target's long-range plan is to achieve $100 billion in annual sales by 2017, including annual same-store-sales growth of 3 percent.
Over the next year, Target will forge ahead with its store remodels, its expansion into Canada and its debuts of stores under the smaller CityTarget format. Steinhafel said nearly three-fourths of the stores will have grocery by the end of this year, and that future CityTarget openings will include a second store in Los Angeles, a second one in San Francisco and one in Portland over the next 12 months.
Tony Fisher, president of Target Canada, said the retailer is on track for the first Canadian stores to open next spring. By the end of next year, 124 Targets in Canada will be open, which Fisher said is the largest one-year expansion in the retailer's history. Target Canada is eventually projected to contribute $6 billion in annual sales.
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