Target Corporation (NYSE:TGT): Closing price $70.36
Target is readying a new organic and natural store brand while it endeavors to ramp up its grocery business. The retailer said that the new brand, called Simply Balanced, will kick off with drinks and snacks such as corn chips on Sunday. The new line builds upon similar products within its existing Archer Farms store brand, which is being positioned as a premium alternative to national name brands. The senior director of Target’s store brands, Amanda Irish, said that the new line is in reaction to the increasing popularity of organic foods. Although they still comprise under 10 percent of overall grocery sales, Irish said organic foods are growing at twice the speed of conventional groceries.