One of the largest U.S. retailers, Target, announced its intention to introduce a new brand, Favorite Day, designed for consumers who have lived through the pandemic to appreciate the various little pleasures of life. Multiple cakes, muffins, ice cream, candy, and soft drinks – the range of products under the new brand is expected to include more than 700 items. The critical feature of all these products will be that their cost will not exceed 15 dollars, making them affordable for virtually all American consumers.
Before launching a new brand, the company usually conducts a preliminary study, which it did not do until this time. According to Rick Gomez, executive vice president and chief food and beverage officer at Target, more than 11,000 people were surveyed. Many of them felt it was right to indulge in the constant stresses of life. According to the company, the new brand’s products are great for a wide variety of holidays and activities.
Over the past five years, Target has launched 30 of its brands, from womenswear labels with a wide range of sizes, such as Auden and Colsie, to children’s products like Cloud Island and Pillowfort. Ten of the retailer’s brands brought in $1 billion in revenue last year, and four more reached $2 billion.
Favorite Day’s treats will perfectly complement products from Good & Gather, the flagship food and beverage brand (more than 2,000 items in all), which had sales of $2 billion in 2020. Last year, the Good & Gather Signature brand was launched with a premium line of 60 items like gourmet pizzas, small-batch pasta sauces, and specialty coffees.
