How was Target founded?
George D. Dayton is credited with forming Dayton Dry Goods Company early 1900s - now known as Target Corp.
Target’s history began with former banker and real estate investor George D. Dayton.
Back in the late 1800s, Dayton had purchased a piece of property in Minneapolis, an area he believed had the strongest opportunity for growth, according to Target.
Today, he is credited with forming the Dayton Dry Goods Company in the early 1900s, which is now known as Target Corporation.
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George D. Dayton (Target)
In 1902, Dayton became a partner in Goodfellow's Dry Goods Company, which at the time was one of the largest department stores in Minneapolis. One year later, he became the sole owner and president of the store, which was renamed Dayton Dry Goods Company.
"His store soon becomes known for dependable merchandise, fair business practices and a generous spirit of giving," Target's website reads.
By 1911, the company was renamed The Dayton Company and became widely known as the Dayton’s department store. The new name was created to better reflect the store’s “wide assortment of goods and services,” according to Target.
TARGET BUMPS UP DIVIDEND 3% DESPITE CORONAVIRUS PRESSURE
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 130.11 | +3.57 | +2.82% |
By the early 1920s, the company expanded its reach after jumping into radio. Dayton’s had created WBAH Radio, which was the first radio broadcast station operated by a department store in the Twin Cities.
The broadcast was so powerful that in less than two months, the station was heard in England, the company said.
Dayton was known for being very active with the store until he died in 1938. Following his death, the company was passed on to his son, George N. Dayton, followed by his grandchildren who helped to transform the store into what’s now a nationwide retailer.
By 1950, one of Dayton's grandsons, Donald C. Dayton, became the president of The Dayton Company. Eventually, all of the founder's grandsons became involved, according to Target.
(Target)
Soon after the change in leadership, the store expanded its offerings by adding a commercial interiors department where customers could get furniture, fabrics and decorations. The service was sold in 2015 and has since been renamed Atmosphere Commercial Interiors.
In 1954, the company set up shop in Rochester, Minnesota, which was its first location outside of downtown Minneapolis. Two years later, the company expanded into the suburbs of Minneapolis and opened up three more locations.
Shortly after, the company began transitioning from a department store retailer to a “mass-market discount store that caters to value-oriented shoppers seeking a higher-quality experience,” target said.
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By 1961, reports first surfaced that the retailer had plans to create a discount chain store. The company had envisioned creating a store comprised of wide aisles, easy-to-shop displays, fast checkout and tons of well-lit parking all while offering quality merchandise at discount prices, the company explained.
After debating droves of names, the new department store was officially named Target in 1962 thanks to Stewart K. Widdess, then the director of publicity, and his staff. At the same time, the team also came up with the Bullseye logo seen across its 1,871 stores in the U.S.
Target's grand opening took place in Roseville, Minnesota.
The company's headquarters remains in Minneapolis.
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An earlier version of this story said Target's commercial interiors department, formerly called Target Commercial Interiors, was still owned by the retailer. It has been updated to note that the company sold the service in 2015 and that it has since been rebranded.