Target’s food and beverage channels are a driving factor of its business, recording 20 continuous quarters of market share gains, said Brian Cornel, CEO of Target at the Yahoo Finance 2022 All Markets Summit, reports Food Business News.
“We now have a $30 billion own brand business, and it’s performed incredibly well throughout the pandemic,” said Cornell. “We're all in on the food and beverage business, we'll continue to invest… The strength of that business has really connected with the guest during the pandemic and has come out of the pandemic as really a strong driver of growth.”
Target’s Good & Gather and Favorite Day brands are largely behind the private label’s success. Good & Gather was created in 2019 to offer quick and easy meal options across food categories while removing artificial flavors, sweeteners, and high-fructose corn syrup. The product line now includes over 1,200 items.
Favorite Day is the company’s indulgent brand, offering treats, bagels, macarons, and more, and was started in 2021 following the success of Good & Gather.
As consumers shift toward private labels, value and affordability will continue to be central to Target’s offerings, Cornell said. Full Story
Related: Panera Updates Packaging, Expands Offerings; Loblaw Freezes Private Label Prices
Image: Target