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Target garners top spot as valuable brand
NEW YORK — Target once again has taken the top spot as the retailer with the strongest consumer brand equity, according to the latest Harris poll.
This marked the second consecutive year Target has led the way in the "value retail" category, with an increasing gap noted between the company and runner-up Walmart, according to the "2011 Harris Poll EquiTrend" study. Target led the way with a ranking of 74.1, while Walmart had a ranking of 70.8. The industry average in the value retail category was 67.3.
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Target's March sales drop
MINNEAPOLIS — Target's March sales dropped 4.5% to $5.95 billion, compared with the year-ago period.
The retailer also disclosed that comparable-store sales for the five weeks dropped 5.5%, which was in line with expectations, as they reflected the later timing of the Easter holiday, according to the company's chairman, president and CEO, Gregg Steinhafel.
"Our stores are well-prepared for the upcoming Easter season, and we continue to expect a mid-teens increase in Target's April comparable-store sales," Steinhafel noted.