by Alyssa Oursler | June 10, 2013 1:10 pm
Big-box discount stores like Walmart (WMT) and Target (TGT) might be known for great prices, but they also want to be known for great products.
Walmart, for one, just added a fresh produce guarantee. Now, Target is targeting organic-lovers with a new natural store brand.
The brand will be called Simply Balances and is the company’s “response to the growing popularity of organic foods,” USA Today reports. “Although they still account for less than 10% of overall grocery sales, organic foods are growing at twice the rate of conventional groceries.”
Such growth could be set to explode even more in the wake of the recent Monsanto (MON) genetically modified wheat controversy.
The U.S. government recently found genetically engineered wheat growing on a farm in Oregon and, although it was never approved for sale or consumption, the news has sparked food supply concerns here and overseas.
The new line will eventually include about 250 products over the next five months, with about half the items organic and three-quarters of it is free of genetically modified ingredients.
Source URL: https://investorplace.com/2013/06/target-jumps-on-organic-food-trend-with-new-store-brand/
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