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In 1962, the Dayton Company, using a concept developed by John F. Geisse, entered discount merchandising by opening its first Target discount store in Roseville, Minnesota, a suburb north of Saint Paul. The name "Target" originated from Dayton's publicity director, Stewart K. Widdess, and was intended to prevent consumers from associating the new discount store chain with the department store. The new chain ended its first year with four units, all in the Minneapolis area. The chain lost money in its initial years; however, in 1965 the chain reported its first gain with sales reaching $39 million USD, allowing a fifth store to open in Minneapolis. In 1966, Bruce Dayton launched the B. Dalton Bookseller specialty chain, which became the largest hardcover bookseller in the United States. The chain was named after the founder, but with the y in Dayton replaced with an l. Target Stores expanded outside of Minneapolis by opening two stores in Denver, Colorado, and sales exceeded $60 million USD. In 1967, the Dayton Corporation was established and it went public with its first offering of common stock, and it opened two more Target stores in Minnesota resulting in a total of nine units. |
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