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Prudent partnerships have helped Target Corporation TGT augment its business offerings. In this context, the company announced expanding its long standing collaboration with Levi Strauss & Co. LEVI by rolling out a new limited edition collection. The collection features a range of home and lifestyle assortments along with marking the Levi's first Home partnership. Notably, Target has a decade long partnership with Levi’s, which was expanded in 2019 through the introduction of the Red Tab brand.
Apart from focusing on product strength, Target is also committed toward empowering its workforce whose contributions have been vital for achieving business goals. In a press release dated Jan 25, the company announced a $500 bonus for its frontline employees, as part of the coronavirus pandemic-related benefits. Let’s take a closer look at these developments.
About the New Collection
The new Levi's for Target limited-edition collection is set to launch on Feb. 28, 2021. The collection includes more than 100 items within the price range of $3-$150, with majority products under $25.
As part of the Levis first Home partnership, the collection will feature a rage of items like tableware, quilts, pillows and more. The category is aimed toward meeting consumers’ comfort and well being needs as they continue spending more time at home due to the pandemic. Moreover, the collection includes the iconic Levi's trucker jacket and sleepwear. Additionally, it will also feature a range of apparel and accessories for pets.
Management highlighted that items in the collection are not only unique but they also have been thoughtfully designed to uphold the concept of sustainable living. Items featured in the collection include materials like recycled glass as well as certifications like Fair Trade USA, GOODWEAVE and FSC Wood.
The collection will be made available on Target.com as well as in most Target stores. Moreover, the collection will be available via the company’s contactless same-day services, including Drive Up and Order Pickup.
Bonuses Support Employee Well-Being
Target has continued to provide recognition to employees amid the pandemic by providing a series of bonuses and other benefits. The company will provide its latest $500 bonus to all hourly team members across stores, distribution centers, headquarters and field-based offices. Also, all store directors, executive team leaders and salaried distribution center leaders will be provided with a bonus in the range of $1,000-$2,000. Together, the investment amounts to $200 million.
This is the fifth time the company provided bonuses to its employees amid the pandemic. This apart, Target had earlier raised its minimum wages to $15 for U.S-based team members. Other benefits provided by the company include paid leaves, coronavirus-related support and a donation to the Target Team Member Giving Fund. The company invested another $1 billion in 2020 compared with 2019, for its team members’ health, safety and well-being. Management highlighted that it will continue supporting its employees as they continue navigating through the pandemic. In this respect, the company will provide benefits such as waiving off absenteeism policy for coronavirus-related illness, free access to health care through virtual doctor visits, 30-day paid leave for vulnerable team members, free backup care for all U.S.-based team members, mental health support through free counseling sessions and more. We note that other retailers such as Lowe's Companies, Inc. LOW and Walmart Inc. WMT have proactively supported employees during the pandemic, in form of bonuses and other facilities.
Clearly, Target’s efforts exemplify that it is committed toward employees as much as it is toward customers. Speaking of customers, the company is striving to boost online shopping experience by enhancing omni-channel capabilities such as same-day deliveries and curbside pickup. Target’s well-chalked assortments, refurbished stores and growing digital capacity steered by an effective workforce are likely to keep it in good shape in the forthcoming periods.
Markedly, this Zacks Rank #2 (Buy) stock has gained 21% in the past three months compared with the industry’s 12% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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