Target to open 25 Disney stores at its locations
Target will launch 25 Disney stores at its own locations on October 4.
Lauren Thomas had the news for CNBC:
The announcement comes on the heels of Target’s strong quarterly earnings report last week, where it showed it drove more people to stores and got them to spend more money there. Its stock touched a record intraday high of $106.52 on Thursday. Target shares are now up more than 55% year to date.
This Oct. 4, ahead of the holiday season, 25 Disney stores will open at certain Target stores across the country, in cities including Philadelphia, Denver and Chicago. (See a full list of those locations below.) Forty additional Disney locations — selling toys, games, apparel and more — are planned to open by October 2020, the big-box retailer said. It will also be launching a Disney-themed experience on its website, beginning Sunday, where shoppers can find products from the Pixar, Marvel and Star Wars brands, among others.
Gertrude Chavez-Dreyfuss from Reuters reported the collaboration also envisages the launch of a further 40 stores by October 2020:
Disney said in a statement that the “shop-in-shop” would feature an array of more than 450 items from the company, including more than 100 products previously only available at its locations.
Disney stores will launch inside Target in major cities such as Philadelphia, Denver and Chicago. The company has stand-alone stores, but has closed its locations in West Virginia and Florida this year.
Target, in a separate announcement on Sunday, said it would open a store at Flamingo Crossings Town Center in Florida at the western entrance of the Walt Disney World Resort in 2021.
“We believe the combination of Disney’s unmatched entertainment and storytelling with our omni-channel retail platform will create inspiring and unique experiences for our guests,” Brian Cornell, chairman and chief executive officer at Target, said in a statement.
“This collaboration reflects the strength of our platforms and assets to create value for guests and growth for both companies beyond the traditional retail model,” he added.
USA Today’s Kelly Tyko quoted Target’s CEO as saying:
“We know there’s a very strong overlap between both Disney fans and Target shoppers so we’re looking forward to reaching Disney fans when and where they want to shop,” Target CEO Brian Cornell said. “It’s an opportunity for us to bring our brands together and delight our guests for years to come.”
The concept will launch when new merchandise from Disney’s “Frozen 2” (in theaters Nov. 22) and “Star Wars: The Rise of Skywalker” (Dec. 20) hits shelves.
In addition to Star Wars and Disney Princess items, shops will carry a variety of merchandise featuring Marvel, Disney Junior characters, classic Disney plush, apparel, home and holiday-specific products. The mini-stores will offer “a welcoming and engaging shopping experience for the entire family, with music, interactive displays, photo opportunities and a seating area where families can relax and watch Disney movie clips,” the companies said in a joint statement.
The news of the partnership comes during Disney’s D23 Expo and days after Target shares traded at a record high following a better than expected quarter.
Also last week, Target unveiled its new Good & Gather food and beverage brand, the company’s largest private label that starts rolling out Sept. 15.
“We’ve talked for quite some time now about the importance of having a combination of great owned brands and the right curated national brands,” Cornell said. “I can’t think about a better national brand partner than Disney.”
This is not the first time Disney has worked with a national retailer. Six years ago in October 2013, J.C. Penney opened its first 565 Disney Shop locations inside the department store chain, which also is a store within a store model.