The company was founded in 1902 when George Dayton opened a retail store in downtown Minneapolis. Originally known as the Dayton Dry Goods Company, it became the Dayton Company in 1910.
In 1962, the Dayton Company opened its first Target discount store. By 1979, it would be the company's top revenue producer.
In 1969, the Dayton Company merged with the J.L. Hudson company. In 1978, the company acquired Mervyn's, and in 1990 it acquired Marshall Field's.
Dayton Hudson Corporation changed its name to Target Corporation in 2000. At that time, it also renamed its leading Dayton-Hudson's stores to Marshall Field's, even in its hometown of Minneapolis.
Target is the second most successful discount retailer in the United States, behind Wal-Mart. Target has been more successful than competitor Kmart at differentiating itself from Wal-Mart with a more upscale image.
Today, the Target division operates under three formats: Target, Target Greatland and SuperTarget.