Dive Brief:
- Target announced Friday that it’s adding food and beverage selections from British retailer Marks & Spencer aimed at holiday gifting and entertaining.
- The 15 products include luxury caramels, drinking chocolate, biscuits and teas, with prices beginning at $9.99 and most items priced below $14.99. Selections will hit stores in November and be available through the 2022 holiday season.
- With this partnership, Target is looking to round out its holiday shopping experience with luxury grocery products.
Dive Insight:
Through its multicategory strategy, Target has become a holiday shopping destination for millions of shoppers. Now, the company is adding new food and beverage gifts through an exclusive partnership that aligns with its recent momentum in grocery.
Marks & Spencer, which operates department stores along with more than 300 grocery stores in the U.K., has made a name for itself as a gift destination across categories. Its assortment at Target includes a few elaborate food gifts, like a shortbread light-up lantern, a bus-shaped tin with shortbread biscuits and a tin of small gingerbread houses that plays holiday music.
The Marks & Spencer products will be available in Target stores as well as on Target.com and through the company’s same-day services like pickup and Shipt delivery.
The new food and beverage gifts could give Target’s holiday sales a much-needed boost as the company has battled with excess inventory woes. In June, the company announced it was taking steps to pare down inventory and make more room for in-demand items like food and beverages. Target also started its holiday shopping discount push earlier this year.
Target has forged numerous partnerships over the years to keep its assortment relevant to shoppers. Last month, it announced it would bring toys from FAO Schwartz into its stores as part of a multiyear agreement. Target has also forged exclusive and industry-first product agreements with popular companies like Magic Spoon, which began selling its cereal in Target stores this summer after building its name online.
Target has refreshed its food and beverage selection over the past few years in an effort to bring it up to speed with its other categories like home goods and apparel. The company’s Good & Gather grocery line now brings in more than $2 billion annually.
