Target Bets On Norah Jones And New Promotions To Draw In Customers
Target’s (NYSE:TGT) partnerships have played a crucial role in distinguishing it from other discount retailers like Wal-Mart (NYSE:WMT) and Costco (NASDAQ:COST). The unique and differentiated merchandise assortments are helpful in building customer loyalty and brand value, apart from being a key selling feature. Target has been careful in choosing its partners and focuses on offering unique products to its customers through these partnerships. This also helps fight showrooming, where customers go to a brick and mortar store to see a product and later buy it from an online retailer after comparing prices.
We have a price estimate of $57.60 for Target stock, which is in-line with the market price.
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Here are some of the interesting partnership opportunities that Target is currently pursuing:
- The retailer recently launched The Shops – a new merchandising program that features products from five boutique shops across the country. The program offers products in beauty, apparel, pets, home and candy categories. In September, Target plans to extend its product assortment to include men’s apparel, women’s apparel and Home.
- Beginning this fall, Target plans to re-brand its Target Home brand as Threshold. Target Home is Target’s largest owned brand. In the past, it re-branded its Room Essentials brand which later helped drive sales. Target plans to relaunch Threshold with an assortment of entertaining essentials. It also plans to extend Threshold across its entire home assortment in 2013.
- Target has also partnered with Grammy winner Norah Jones to sell to customers a deluxe edition of her new album, Little Broken Hearts. The retailer has also partnered with 19-time Grammy award-winning music producer Emilio Estefan. It plans to sell a special selection of his favorite music, movies and books, titled Emilio Estefan’s Picks.
- In July, the company plans to roll out a new series of fits in men’s apparel in both Merona and Mossimo collections.
It seems that Target is leaving no stone unturned to maintain its competitive edge with strategic partnerships, international expansion and store remodels, which will help attract more traffic to its stores.