Situation

Retail home style categories (patio and in-home furniture, electronics, appliances, etc.) are challenging to display. They're also challenging to promote in stores. And while shopping online, it’s difficult for consumers to understand how something will look in a room, how big it will be, and how it works with other furniture. I took it upon myself to explore new, adajcent ways to solve these problems grounded in the following insights:

1. There was a market report done by Narvar which strongly indicated a shift in consumer habits…where consumers are more interested in spending money on experiences over individual products.

2. A market insight spoke to the penetration of short term rentals in the travel and accommodations market (e.g., Airbnb, VRBO, etc.)

3. An observation: Humans take breaks / vacations for their well-being…it’s apart of life. When you combine that with Target’s purpose: To help all families discover the joy of everyday life; the opportunity came to me.

Task at hand

Identify broad trends around how world, retail, and the home category are evolving​.

Create bounded spaces with a clear consumer need / opportunity​.

Establish a specific value proposition / concept with early validation from in-market evidence​.

Action I took

I meet with industry experts, read market reports, and joined forces with existing, dominate players in the market to brainstorm on new ideas. This gave us context to determine which themes we should explore for adjacent growth opportunities.

I collaborated with team members and consumers to determine areas to explore where we hypothesized Target could consider playing in.

I designed concepts and pressure tested them with focus groups, operationlly created how this concept could work within (and benefit) the walls of Target, and viably pencilled what impact this could have on the business to gave us direction on if now is the time to invest in bringing this concept to life.

What was my role?

While I was the sole contributor for this effort (creating and facilitating progress), it took strong collaboration from marketing, operations, digital, supply chain and many other teams.

My reponsibilities included:

Bringing a future-facing perspective and deep industry expertise to influence and shape focus areas for exploration

Having a strong executive project management skills

Providing structure to be proactive and navigate ambiguity, manage stakeholders, and be able to oscillate between "in the weeds" analyses and bio-picture thinking

What is the result?

Real estate is an investment with a consistent growth rate of 7% - Target could invest in residential real estate and open many short term rental spaces for families in popular vacation destinations

Target has studios across the country where we stage photo shoots - When the short term rental spaces aren’t being used, Target could shoot real-environment photography for our own brand assortment

Sourcing assortment to be featured in the space could be challenging - With FC and DC locations across the country, these properties could be purchased within close proximity to those centers to easily rotate assortment seasonally

Therefore, I hypothesized this concept (video below) could solve consumer problems and create an adjacent growth opportunity for Target in a desirabile, feasible, viable, and defensible way:

Unfortunately, exploration of this growth opportunity was paused due to other priorities.