No matter how big or small, organizations and companies stay successful by constantly reinventing themselves and improving their processes, while staying true to the values that drove them into business in the first place. National retailer Target is doing just that and giving small businesses a big opportunity to come along for the ride.
Target Corp. is the 33rd largest corporation in America, according to Fortune Magazine, and has seen revenues in the last year up 3.1%. The company has made a name for itself by selling designer products, like Isaac Mizrahi and Missoni, at discount prices. For any consumer who has ever been drawn in by the stylish packaging and design inside stores, you know the Target brand aims to provide patrons with a trendy, high-end shopping experience without having to fork over a high-percentage of their wallet.
So, in this new consumer-age of artisan and local-shopping, Target has reinvented itself again, teaming up with small businesses all over the United States to offer limited edition merchandise to its customers. This year, Target will showcase new products, like dog treats, home goods, and sweets, from local, independent stores in stores nationwide. This is a sure sign that the entrepreneurial spirit is alive and well in our country. The venture also highlights the way partnerships can drive a business forward. Millions of potential customers will now have access to these locally made products, no doubt increasing profits for both the mega-retailer and small boutiques, like The Candy Store out of San Francisco, which sells unique and hard-to-find candies. Target has initially partnered with five specialty shops around the U.S. for its experiment launching May 6. The shops will be open for six weeks and then closed and replaced with others in the fall.
It’ll be interesting to see the results of this initiative of giving small businesses a national stage. Will it propel these small businesses to great success, giving Target a new, successful business model, or will it cripple the small businesses due to the overwhelming demand? Also, how will this affect the local economies and communities and how will other corporations respond? Target may just prove that when big-chain retailers come ‘round, Mom-and-Pop should think twice about skipping town.