Source: Boston Business Journal -- http://www.bizjournals.com/boston/news/2016/02/03/target-ceo-talks-cvs-deal-plans-for-boston.html
"Target’s next stores in Greater Boston are going to look a lot like the one the retail giant opened in Fenway last year, CEO Brian Cornell said Wednesday, and they will soon feature CVS pharmacies rather than Target-branded ones.
Cornell, speaking to local business leaders as the featured speaker for Boston College’s CEO Club, called the Fenway Target, until recently branded a CityTarget, a “crown jewel” of the company’s properties. The store, on Bolyston Street, is three levels and 160,000 square feet, a much more contained space than its properties in more suburban locales.
Target (NYSE: TGT) is focusing more on cultivating urban customers, so most of its new stores going forward will be of the compact variety, according to Cornell. “Unfortunately, there aren’t a lot of 10-acre parcels in metro areas where we can put up those,” he said.
The retail giant is opening new stores in Cambridge and at Packard’s Corner, near Boston University, in the coming months, he said. But its real estate teams are actively looking for other sites in Boston. “Some of those may be 15,000 or 20,000 square feet, some might be 40 or 50, depending on the neighborhood and the real estate we have to work with,” Cornell said.
The retailer’s digital sales are growing, anyway, Cornell said. Going forward, customers will be more likely to order products online ahead of time, then swing by Target’s physical locations to pick them up, lessening the need for stores to have a large number of products in the aisles at any given time.
Cornell hit on a few other topics during the luncheon:
The CVS rebranding: Beginning this week in North Carolina, Target pharmacies are being rebranded as CVS pharmacies, with a full, nationwide rebranding taking place over the next 6 to 8 months. Cornell said he isn’t concerned that long-time Target pharmacy customers will be put out by the change.
“We spent a lot of researching that. Our guest has complete confidence in CVS. They’re going to bring expanded capabilities in areas we don’t have today,” he said, adding that the combination makes for a “terrific partnership."
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So, what do you guys think? Does this mean that working for Target as a pharmacist will be just as miserable as working as a pharmacist in a standalone CVS?
"Target’s next stores in Greater Boston are going to look a lot like the one the retail giant opened in Fenway last year, CEO Brian Cornell said Wednesday, and they will soon feature CVS pharmacies rather than Target-branded ones.
Cornell, speaking to local business leaders as the featured speaker for Boston College’s CEO Club, called the Fenway Target, until recently branded a CityTarget, a “crown jewel” of the company’s properties. The store, on Bolyston Street, is three levels and 160,000 square feet, a much more contained space than its properties in more suburban locales.
Target (NYSE: TGT) is focusing more on cultivating urban customers, so most of its new stores going forward will be of the compact variety, according to Cornell. “Unfortunately, there aren’t a lot of 10-acre parcels in metro areas where we can put up those,” he said.
The retail giant is opening new stores in Cambridge and at Packard’s Corner, near Boston University, in the coming months, he said. But its real estate teams are actively looking for other sites in Boston. “Some of those may be 15,000 or 20,000 square feet, some might be 40 or 50, depending on the neighborhood and the real estate we have to work with,” Cornell said.
The retailer’s digital sales are growing, anyway, Cornell said. Going forward, customers will be more likely to order products online ahead of time, then swing by Target’s physical locations to pick them up, lessening the need for stores to have a large number of products in the aisles at any given time.
Cornell hit on a few other topics during the luncheon:
The CVS rebranding: Beginning this week in North Carolina, Target pharmacies are being rebranded as CVS pharmacies, with a full, nationwide rebranding taking place over the next 6 to 8 months. Cornell said he isn’t concerned that long-time Target pharmacy customers will be put out by the change.
“We spent a lot of researching that. Our guest has complete confidence in CVS. They’re going to bring expanded capabilities in areas we don’t have today,” he said, adding that the combination makes for a “terrific partnership."
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So, what do you guys think? Does this mean that working for Target as a pharmacist will be just as miserable as working as a pharmacist in a standalone CVS?
