Target Slashes Jobs, Invests $1B in Supply Chain
At a meeting this week for the investor community, Target Corporation chairman and CEO Brian Cornell and members of his leadership team presented the vision and strategies that will transform the retailer's business: slashing thousands of jobs over the next two years and investing roughly half of its 2015 CapEx of as much as $2.2 billion in supply chain and technology.
"Following a thorough, strategic review of our business, coupled with a careful evaluation of the changing retail landscape, we have identified the key initiatives that will put Target on a clear path to growth," said Cornell. "We're focused on our future and building the capabilities that will take us further, faster. Redefining Target will require a renewed emphasis on prioritization and innovation, and above all else, putting our customers first in everything we do."
Target plans to save $2 billion over the next two years as part of its efforts to grow and increase profitability, with savings coming through operations, technology and process improvements; supply chain and sourcing efficiencies; and corporate restructuring. The company plans to eliminate thousands of jobs, mostly in headquarters, over the next 24 months and create centralized teams based on specialized expertise. This year, Target expects to invest between $2 and $2.2 billion in capital expenditures, including a $1 billion investment in technology and supply chain.
This story was originally published by Apparel Magazine, for the full story click here.
"Following a thorough, strategic review of our business, coupled with a careful evaluation of the changing retail landscape, we have identified the key initiatives that will put Target on a clear path to growth," said Cornell. "We're focused on our future and building the capabilities that will take us further, faster. Redefining Target will require a renewed emphasis on prioritization and innovation, and above all else, putting our customers first in everything we do."
Target plans to save $2 billion over the next two years as part of its efforts to grow and increase profitability, with savings coming through operations, technology and process improvements; supply chain and sourcing efficiencies; and corporate restructuring. The company plans to eliminate thousands of jobs, mostly in headquarters, over the next 24 months and create centralized teams based on specialized expertise. This year, Target expects to invest between $2 and $2.2 billion in capital expenditures, including a $1 billion investment in technology and supply chain.
This story was originally published by Apparel Magazine, for the full story click here.