Why Do Target’s New Business Practices Appeal to Millennials?
For many years, Target stores have had a reputation for being the go-to one-stop shop for minivan driving suburban moms. But Target has renovated its stores and introduced green businesses that appeal to Millennials, which have helped Target reach a new audience. Target’s move toward green business practices is something of a natural extension of the company’s values, which continue to change in response to customer needs. The latest innovations appeal to Millennials because Millennials have different buying habits from previous generations.
Although Millennials may not have much spending money, they do have careful buying choices and prefer to spend more for socially conscious and environmentally friendly brands. They are willing to pay more for products that reflect the Millennial moral compass through sustainable production, green business practices and transparency. Target has become more than just a provider of cheap goods and convenience.
Target stores stock a variety of brand,s from organic foods to eco-friendly beauty products. There are other ways in which Target has introduced a green business model, beyond their products. For current and future prospects, Target has four major commitments: sustainable living or green business, sustainable products, smart development and efficient operations. Despite closing several supersized stores in suburban markets where sales have been less than stellar, Target has begun to expand into the urban market. Smaller stores are more efficient and they stock supplies that urban dwellers need, like single rolls of toilet paper rather than bulky multi roll packages.
And there are small efforts in Target’s green practices to make consumers more environmentally aware, as well: Offering a discount to customers who bring in their own bags rather than using plastic bags, which are known environmental hazards. After all, who loves a discount more than a cash-strapped Millennial?
Since the 1970s, Target has participated in Earth Day and helps support Earth Day every day by offering recycle bins for guests to recycle their cans, bottles, small electronics, etc. They also have the largest amount of Energy Star certified stores among major retailers and continue to make efforts towards sustainability, including encouraging their partner brands to eliminate potentially harmful chemicals from products.
In addition, Target frequently partners with other brands to not only create new products and items, but also to reach out and make community efforts that support a more eco-conscious company, and one of a few traditional companies which appeals to Millennials.
Gone are the days of fast and easy products, as Target opens stores near colleges. Target provides access to basics as well as familiar brands and products that both Millennials and their parents trust, which results in Millennial dollars spent not just out of necessity and availability, but out of the desire to support a company with green business practices and shared values.
There are many small companies and brands that have moved into green practices, but Target is one of the largest to do so across the board, with products and, in general, more a more sustainable business ethic.
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