March 2 (Reuters) - Target Corp has zeroed in on seven grocery categories, including granola, yogurt and craft beer, to attract younger shoppers, urban dwellers, and Hispanics, the Wall Street Journal reported, citing people familiar with the matter.
The U.S. retailer is showing signs that its food direction will become less reliant on packaged and processed foods that are out of favor with many consumers, the Journal said. (on.wsj.com/1ASqDuc)
The changes would mean less shelf space for packaged food companies like Campbell Soup Co, General Mills Inc and Kraft Foods Group Inc.
Target is also looking to hire an executive with grocery experience to head the business and Chief Executive Brian Cornell has been interviewing candidates in recent weeks, the newspaper said.
Company representatives were not immediately available for comment outside regular U.S. business hours.
Target is expected to unveil plans for new investments and cost cuts at an analyst meeting in New York on Tuesday.
Under Cornell, who took over as chief executive in August, Target has already made a few big strategic shifts, including pulling out of the Canadian market and refocusing on a few key product lines such as beauty, apparel and baby goods.
Reporting by Supriya Kurane in Bengaluru; Editing by Anupama Dwivedi