Target has partnered with BCG Digital Ventures to develop new business cases that would be "natural extensions" of its brand and support its strategic priorities

Target has partnered with BCG Digital Ventures to develop new business cases that would be "natural extensions" of its brand and support its strategic priorities

US department store retailer Target Corp has embarked on a 14-week 'innovation sprint' with industry experts – including designers, engineers and investors – to develop a portfolio of new growth ventures.

The Minneapolis-based retailer has partnered with BCG Digital Ventures GmbH, a subsidiary of the Boston Consulting Group, to develop new business cases that would be "natural extensions" of the Target brand and support its strategic priorities.

"We know big ideas spring from individuals and teams at every corner of our business and this is a unique opportunity for participating team members to work outside their current roles and gain an understanding of Digital Ventures' innovation methodology," says Target. "New products and businesses that come out of the sprint will be designed to address the needs of Target's guests now and well into the future."

Five Target team members will work out of Digital Ventures' centres in New York and Los Angeles with plans including conducting customer behaviour research in six cities across the country.

"This is a unique partnership with tremendous potential – and we're excited about the passion, inventiveness and entrepreneurial commitment being brought to bear," says Anthony Koithra, partner, BCG Digital Ventures.

Earlier this year, Target revealed plans for a new financial model, promising an overhaul of its stores, digital channels and supply chain, alongside the introduction of more than a dozen new brands.

Designed to position Target for long-term, sustainable growth, the strategy is seeing the retailer attempt to capitalise on its 34% digital sales growth in the fourth quarter, with plans to put digital first and evolve stores, digital channels and supply chain to work together as a "smart network."

Target to evolve supply chain with new finance model