Target’s food-based innovation lab, which was targeted to be shut down, may get a second lease on life.
Target’s Food + Future lab initiative ended up on the retailer’s chopping block — along with other innovative projects — as it refocuses efforts on its core business. However, on Tuesday, April 17, sources said an investor approached the chain with an offer, reported the Star Tribune.
In the report, Target said in a statement, “Our intent from the beginning was to incubate Food + Future within Target and then look at options for outside investment,” Target said in the report. “With that in mind, we have been working with the Food + Future team over the past few months to find interested outside investors. That exploratory work continues and we don't have further updates to offer at this time.”
Target launched Food + Future in January 2016, in conjunction with MIT Media Labs and the design firm Ideo. The lab focuses on areas including urban farming, food transparency and authenticity, supply chain and health.
Due to declining sales and a disappointing holiday season in 2016, Target reigned in a number of innovative projects, including the lab, in favor of more strategic, core initiatives, the report said.
To read more, click here.