Analysis-Target’s grocery bet is paying off. Now it must get shoppers beyond the snack aisle
Brown and Juveria Tabassum NEW YORK, Aug 20 (Reuters) - Target’s bet on groceries helped drive its fastest growth in that business in three years, but a lasting turnaround hinges on whether it can persuade shoppers who come for milk and snacks to buy higher-margin goods elsewhere in the store. Food and beverage sales grew 7% in Target’s quarter ended August 1, building on gains in the prior period after many quarters of tepid growth, as new CEO Michael Fiddelke pushes to make grocery a bigger draw.
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Brown and Juveria Tabassum NEW YORK, Aug 20 (Reuters) - Target’s bet on groceries helped drive its fastest growth in that business in three years, but a lasting turnaround hinges on whether it can persuade shoppers who come for milk and snacks to buy higher-margin goods elsewhere in the store. Food and beverage sales grew 7% in Target’s quarter ended August 1, building on gains in the prior period after many quarters of tepid growth, as new CEO Michael Fiddelke pushes to make grocery a bigger draw. But food carries lower margins than apparel, home goods and other discretionary merchandise, meaning the strategy ultimately must translate into broader spending, investors and analysts said. "It’s mission-critical," said Sarah Henry, managing director at Target shareholder Logan Capital Management.
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- Brown and Juveria Tabassum NEW YORK, Aug 20 (Reuters) - Target’s bet on groceries helped drive its fastest growth in that business in three years, but a lasting turnaround hinges on whether it can persuade shoppers who come for milk and snacks to buy higher-margin goods elsewhere in the store. Food and beverage sales grew 7% in Target’s quarter ended August 1, building on gains in the prior period after many quarters of tepid growth, as new CEO Michael Fiddelke pushes to make grocery a bigger draw.
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Analysis-Target’s grocery bet is paying off. Now it must get shoppers beyond the snack aisle
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