Target founder Dayton, dies
by July 8, 2013 12:56 pm 103 views
Douglas Dayton, a retail pioneer in his own right, died Sunday (July 7) at the age of 88.
He was born into retail and took over the family’s downtown Minneapolis store in 1948.
Dayton worked to get Target off the ground and co-founded the retail store in 1961 before it became one of the largest retailers in the country. He ran the company until 1974 at a time when it went head-to-head with Kmart.
Target began rivaling Wal-Mart in the 1980s after the Bentonville retailer’s move into larger metro markets.
Target President and CEO Gregg Steinhafel released the following statement on Sunday:
“Doug was instrumental in helping to guide the strategic direction of Dayton Hudson Corporation for many years and institutionalize the values that are at the heart of Target Corporation today.”
The Dayton family has not been involved in its ownership or operations for a number of years.
Target ranks No. 36 on the Fortune 500.