In a tech conference recently, the CEO of Target described to the audience his company experience with giving entrepreneurs some seed money to help design the store of the future. He indicated that the ideas being generated were “drifting into another universe” and that they had to real things back in.
Brian Cornell, the CEO, said that customers “don’t want shiny objects; they want better store and customer experiences”.
Instead, Cornell and his team are putting more emphasis on lower prices, remodelling stores, and overhauling its supply chain to better integrate its digital and physical operations as part of a $7 billion multi-year initiative. They are ramping up their smaller urban stores to serve their customers faster and more conveniently (the successful recipe for local neighbourhood convenience stores).