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Target CEO says company culture means focusing on 'why'
With nearly 2,000 stores and more than 400,000 employees, Target CEO Brian Cornell says the glue that keeps the massive one-stop-shop chain constantly growing is culture within.
At a recent meeting with the company's top 50 executives, Cornell spent time explaining the why of the company.
We spent a lot of time making sure we understood why do we make certain decisions? Why do we make certain investments? Why is culture so important? And having the patience and time to talk about the why, not just the what, is critically important, Cornell told FortuneGlobal Forum conference in New York on Monday.
Cornell always has the consumer in mind, making sure the brand stays true to its image, brings joy to its customers and stays in touch with what the consumer really wants, he says. It's also one of the reasons Cornell credits the success of the partnership between Target and PepsiCo. He and Steven Williams, CEO of PepsiCo Foods North America, met about 25 years ago at PepsiCo and have been friends ever since.
Both of our companies are very consumer and brand management focused. “We're very loyal to our partners to make sure it's a win-win, and it's part of our culture to ensure that I don't treat Steven and his team like they're a supplier, but like they were a partner,” Cornell said at the conference.
One way Target does this is by working with the PepsiCo team on strategy, making sure they have the right differentiation in the market, and making sure both companies are growing. On the other hand, from PepsiCo's perspective, Williams recommends that you take the time to build relationships, be transparent as it builds trust, and believe that speed is a competitive advantage in today's market.
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