The nightmare continued for Target on Friday as worse than expected fourth quarter same store sales prompted the company to slash its profit forecast while it made troubling new disclosures about the theft of information involving 70 million customers.
The phrase “massive data breach” is the last thing any retailer wants to see their name associated with, but when bad things happen to good retailers Target's response to the situation is a blueprint for other retailers.
While the vulnerabilities of Target's data systems were exposed during a recent data breach the company’s data centers were being hailed as a model of energy efficiency by the U.S. Environmental Protection Agency’s Energy Star program.
Target early Thursday confirmed widespread media reports that it suffered a major data breach that affected as many as 40 million credit and debit card transactions during a period that began the day before Thanksgiving through December 15.
Given the overwhelming emphasis on e-commerce, mobile apps and digital initiatives this holiday season, Target offered a trip down memory lane on its website, where it showcased some interesting marketing efforts.
Unprecedented shopper traffic was seen at Target on Black Friday, according to president, CEO and chairman, Gregg Steinhafel, who also said the retailer provided exceptional service without offering much insight into sales.
Target spent an estimated $28 million on advertising November 3-7, which netted it nearly 12% of retail traffic during Thanksgiving weekend, according to data released this week from Kantar Media Ad Intelligence and Placed.