Target’s New Program Further Bridges the Gap Between Health and Wellness Brands and Big Box Retailers
Target has always been a name synonymous with big box retail. The company has been around in one form or another since 1903 and is the second largest big box retailer behind Walmart. As such, they are accustomed to seeing steady gains and despite their 2016 Q4 shares coming in slightly below projections, the company expects their fiscal 2016 earnings per share to come in between $5.20 and $5.40, above the expected $4.72 a share. Simply put, Target is doing well and has no plans of slowing down.
That’s why their new Target Takeoff program, which supports health-and wellness-related start-ups and helps them develop and connect with major retailers, makes perfect sense. This comes directly on the heels of their recent partnership with Techstar, a mentor-driven incubator for global start-ups. This time around,Target Takeoff will focus specifically on companies and products in the health and wellness space. Between May 1-5, ten promising entrepreneurs will be invited to Target’s headquarters in Minneapolis for an opportunity to meet and mingle with mentors and, of course, talk all things retail.
Target making the move into health and wellness is no surprise. Over the past few years, this market has become a veritable giant. As per the Global Wellness Institute, “The global wellness market is now worth $3.4 trillion, making it nearly three times larger than the $1 trillion worldwide pharmaceutical industry.” This new program is clearly an attempt to get ahead of the curve in a market where consumers are spending copious amounts of money. Between the trillion-dollar market and the ever-growing trend of in-store retail clinics, big box stores are no longer that far removed from the world of health, wellness, and medicine. Companies like CVS, Walgreens, Walmart, and Target have all jumped into the retail clinic game, seeing it as a win-win. The company provides its consumer with non-urgent health care at a cheaper price than the emergency room and, in doing so, brings consumers through their doors. Consumers are visiting retail clinics for flu vaccinations, health screenings, and general health assessments and physicals, and being charged less than $100 USD per visit.
At the end of the day, big box retailers are struggling to get consumers through their doors while those same consumers are struggling to find affordable health and wellness products and medical treatment. That’s why partnerships between health and wellness brands like yours and these retailers make such a perfect match.
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