Target In Turnaround
MINNEAPOLIS – Target will invest upward of $2.2 billion in capital expenditures this year, including $1 billion in technology and supply chain, in an effort to return the No. 2 discount chain to a growth path and end years of e-commerce catch-up. Chairman/CEO Brian Cornell, who was brought in last summer to restore Target’s luster, and recently closed its Canadian operations, said he will fund smaller and more flexible urban store formats like TargetExpress and CityTarget; the company’s core fashion, baby, kids and wellness categories; and enhancements in technology, supply chain and inventory management.
The plan also calls for $2 billion in cost savings over the next two years, which will cost several thousand headquarters staffers their jobs.
Nebraska Preps For Dallas Opening
THE COLONY, TEXAS – The Nebraska Furniture Mart (NFM) is making final preparations for the formal opening this spring of its third and largest megaemporium, located in this Dallas suburb. The retailer is conducting run-throughs at the 1.9 million-square-foot showroom, office and warehouse complex, including friends-and-family shopping sessions. “We’re getting the bride ready for the alter, as they say, so were doing a series of private events to ensure we are ready,” a company spokesperson told the Dallas Morning News. A formal opening date has not been announced, although Grandscape, the 400-acre retail, dining and entertainment complex that NFM anchors and owns, was scheduled to open earlier this month.
In an interview on Fox Business, Nebraska co-owner Warren Buffet said he expects the 560,000-square-foot showroom to generate $1 billion in annual sales. The megastore will carry over 100,000 SKUs and will be the largestvolume home-furnishings store in North America.
TigerDirect Signs Shark Tank’s O’Leary
MIAMI – IT and A/V specialty chain TigerDirect has signed entrepreneur and celebrity investor Kevin O’Leary as spokesman for the company’s Bto- B unit. O’Leary, known as “Mr. Wonderful” on ABC-TV’s reality series “Shark Tank,” was a keynoter at TigerDirect’s inaugural Innovation IT conference and expo last November. Both the conference and O’Leary’s new role as brand ambassador underscore the retailer’s renewed focus on the business, government and educational channels. The new spokesperson pact begins this spring.