92 Target is branching out its private-label offerings beyond its own stores, marking a significant shift for the retail giant. Christina Hennington, the company’s chief growth officer, revealed to Bloomberg News that Target is expanding sales of its Cat & Jack children’s brand to department-store chain Hudson’s Bay Co. in Canada following positive feedback. This move marks Target’s foray into the wholesale space, with new Cat & Jack products including swimwear, shoes, and outerwear set to hit shelves next year. Additionally, Target has garnered interest from retailers worldwide and is exploring sales opportunities with stores in Europe and the Americas. The expansion comes at a crucial time for Target, which has been grappling with declining sales. The retailer reports approximately $3 billion in sales from Cat & Jack products alone, with its private-label goods accounting for over $30 billion in annual sales, nearly a third of the company’s revenue. This trend extends beyond Target, with competitors like Amazon and Walmart also prioritizing private label brands to attract shoppers. Walmart recently launched bettergoods, its largest private-brand food rollout in two decades, offering low-priced, “chef-inspired” items to meet customer demand for affordable, quality products. You Might Be Interested In Costco Surpasses Third-Quarter Revenue Expectations Amid Consumer Shift Towards Low-Priced Goods Union Standard Insurance Group Rebrands as Berkley Southwest Ford Motor Adjusts DEI Program Amidst Growing Pressure from Conservative Groups ADIB Names Mohamed Abdelbary as Acting Group CEO Northern Trust Shareholder Update: Massachusetts Financial Services Increases Ownership Citigroup Pulls Out of Haiti After Five Decades
