Target stores to expand Waverly, add Woolrich
March 4, 2002-- Home Textiles Today,
The Target division of Target Corp. plans to expand its merchandise offering with a new Woolrich program in home textiles this year, and significant additions to the Waverly line that bowed last year, said Gregg Steinhafel, president, Target Stores, during Target Corp.'s fourth quarter conference call.
In addition, Gerry Storch, vice chairman, discussed the future expansion plans of its partnership with Amazon.com. Traffic to Target.com has doubled and sales have increased two-and-a-half times compared to 2000, before the partnership. Going forward, the Target store on the Amazon website will include a more comprehensive assortment as well as an increased level of integration. It will also convert the home area on Target.com to Amazon's technology, which will include advanced personalization and search capabilities. This new site will launch this summer.
SuperTarget remains an important component of expansion for the company, Steinhafel added, and will comprise 40 percent of the net new square foot growth for this year, which will include the opening of 23 former Montgomery Wards stores. Though there has been much experimentation with the merchandise mix in the past, the company is pleased with SuperTarget's performance, which has slightly exceeded overall store comps.
In the Marshall Field's division, the initiatives for 2002 will be "driving sales and traffic back into Field's," said Linda Ahlers, president, Marshall Field's. It is rebalancing its merchandise mix by adding more moderate and opening price points, she said, and it has seen a positive response to that so far. The division will also leverage events, such as weekend driving promotional events and secondary holidays.
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