Target Names Minsok Pak As New Chief Strategy and Innovation Officer
MINNEAPOLIS, MN - It's no secret that the grocery sector is undergoing massive shifts, with retailers taking measures to fortify strategy across the board. Target has joined the ranks, having announced Minsok Pak as its new Executive Vice President, Chief Strategy and Innovation Officer, according to CNBC and a statement from the company.
Target CEO Brian Cornell praised Pak according to CNBC, saying the executive will bring "strategic vision, an innovative spirit, and an ability to address complex business challenges by capturing near-term opportunities and charting a course for the future."
With major competitors such as Walmart making moves and entering into strategic partnerships to shore up against Amazon, Target has remained relatively quiet. In his new role, Pak will prioritize improvements to the Target shopping experience and facilitating company growth. Pak will also oversee mergers and acquisitions for business development.
According to Target's press release, when asked what the biggest challenge is that retailers are facing today, Pak responded, "Retailing used to be about brick and mortar–having convenient locations, the right products on shelves, and the best prices. That’s no longer the case. With digitization, consumers have a lot more options and access. They have higher expectations when it comes to experiences, personalization, and engagement. In order to succeed, retailers must fundamentally change their business models."
Over Pak's past two decades with consulting firm McKinsey & Co. he has worked with retail and consumer companies. He has also worked at LG Electronics and LEGO.
How will this new hire impact the retailer's strategy in the grocery and fresh produce category? AndNowUKnow will continue to report as details unfold.