NEW YORK — Target Corp.’s food and beverage unit continues to serve as an engine for growth, recording 20 straight quarters of market share gains, said Brian Cornell, chief executive officer for the company.
“We're all in on the food and beverage business, we'll continue to invest,” Mr. Cornell said at the Yahoo Finance 2022 All Markets Summit. “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.”
Among the category’s top performers have been Target’s private label brands, including Good & Gather and Favorite Day.
Created in 2019, Good & Gather offers consumers quick and easy meal options across all food categories while containing no artificial flavors, sweeteners or high-fructose corn syrup. The brand’s product line has expanded to include more than 1,200 items and has grown into a $2 billion business, said Mr. Cornell.
Favorite Day is Target’s indulgent product brand, including treats like blueberry streusel bread, miniature everything bagel croissants and assorted macarons. The brand launched in 2021 following the success of Good & Gather.
Mr. Cornell said that value and affordability will continue to be core aspects in all their offerings as more consumers shift toward private labels.