After a tough few years, Target’s owner says there’s still legs in the brand even though its superstar sibling Kmart leads the pack.
Target, the 97-year-old retailer well known for its bargains and its bullseye logo, may have managed to ride out the pandemic but now finds itself in an unfamiliar position.
Wesfarmers said Target delivered a strong performance in 2023, but it is getting harder to differentiate some of its lines from Kmart’s Anko products.Target, by comparison, was less consistent throughout 2023. “Second-half performance was variable across categories, with relatively stronger performance in apparel compared with challenging trading conditions in home and toys,” the company said.
That news fuelled speculation about the long-term viability of the Target brand: if the back office is already under the one umbrella, how long before Kmart takes over from Target for good? “What we’re seeing is that in some categories such as home products, it’s a lot harder to differentiate the offer relative to Kmart’s Anko offer,” he said when discussing Wesfarmers’ financials last week.
Other discount department store operators are also cautious about the outlook. Brad Banducci, boss of Woolworths which is Big W’s operator, said last month thatindicated shoppers were pulling back on purchases like small kitchen appliances.
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