Target Corp. said Tuesday that John GrifÂfith, a vetÂerÂan memÂber of its exÂecÂuÂtive team, will reÂtire on May 31.
The imÂpendÂing deÂparÂture of GrifÂfith, 52, as exÂecÂuÂtive vice presÂiÂdent of propÂerÂty deÂvelÂopÂment comes as the Minneapolis-based reÂtailÂer reÂtools its leadÂerÂship slate folÂlowÂing the firÂing of ChairÂman and CEO Gregg Steinhafel this month. News of Griffith's retirement Tuesday was made separately from an announcement that Tony Fisher was leaving immediately as president of the company's challenged Canadian operations.
In an interview, Griffith said the timing was right for him to step down. "I feel like the team we built here at Target is second to none, so I feel good about them moving forward. I'm still a young man and want to do different things."
A long-standing memÂber of the Twin Cities comÂmerÂcial real esÂtate comÂmuniÂty, GrifÂfith said he will continue to volunteer for a numÂber of civic proÂjects, parÂticÂuÂlarÂly those proÂmotÂing downÂtown Minneapolis. In reÂtireÂment, GrifÂfith will serve as a conÂsultÂant on TarÂget's enÂgageÂment with ecoÂnomÂic develÂopÂment orÂganÂiÂzaÂtions in the Minneapolis area.
Griffith says he got involved in these efforts "because the downtown is where our headquarters is and we felt like it was so important to make sure team members had ... a clean, safe downtown with great transportation, cultural amenities and entertainment."
As the Vikings staÂdiÂum deÂbate played out at the Capitol in 2012, GrifÂfith played a key role, pubÂlicÂly and behind the scenes, in helpÂing to lure the $1 billion proÂject to downÂtown Minneapolis. He now serves on the Minnesota Sports FaÂciliÂties Authority, the public body overÂseeÂing conÂstrucÂtion of the stadiÂum on the site where the MetÂroÂdome once stood.
He also chaired the efÂfort behind the Minneapolis Downtown Council's 2025 Plan — an amÂbiÂtious blueÂprint released in 2011 that called for doubÂling downtown's residential popÂuÂlaÂtion to 70,000, creÂatÂing a staÂdiÂum disÂtrict and inÂcreasÂing green space, among other goals. OthÂer urÂban proÂjects he's been inÂvolved with inÂclude the $50 milÂlion overÂhaul of Nicollet Mall, which just received $21.5 million in state bonding money.
John MulÂliÂgan, Target's inÂterÂim presÂiÂdent and CEO, said in a stateÂment, "The enÂerÂgy and enÂthuÂsiÂasm [Griffith] brought to his role helped TarÂget exÂpand our geÂoÂgraphÂic footÂprint and creÂate new store forÂmats. Not only did John leave an imÂpact on TarÂget but his pasÂsion for the Twin Cities and dedÂiÂcaÂtion to the presÂerÂvaÂtion and enÂhanceÂment of downÂtown Minneapolis will be felt for years to come."
GrifÂfith joined TarÂget from Ryan Cos., the Minneapolis-based real esÂtate firm, in 1999. The two comÂpanies have enÂjoyed a close reÂlaÂtionÂship datÂing back to 1966, when Ryan built the fourth TarÂget store in Bloomington, with many more stores folÂlowÂing in enÂsuÂing years.
While at Ryan, GrifÂfith was inÂvolved with the deÂvelÂopÂment of the pubÂlicÂly subÂsiÂdized TarÂget store at 9th Street and Nicollet Mall, conÂsidÂered a prototype for othÂer urÂban TarÂget stores.
DurÂing his 15 years with TarÂget, GrifÂfith worked on new store protoÂtypes and forÂmats inÂcludÂing PFresh, CityTarget and TarÂget ExÂpress, as well as headÂquarÂters buildÂings worldÂwide, inÂcludÂing those in India and Canada. When he joined TarÂget, the cheap-chic disÂcountÂer had 912 stores; the comÂpany now has more than 1,900 in the UnitÂed States and Canada.
Sean NaughÂton, an anÂaÂlyst with Piper Jaffray, notÂed that GrifÂfith has led TarÂget's real esÂtate deÂvelÂopÂment for many years and has had a sucÂcessÂful caÂreer with the comÂpany. But these days, with fewer places to grow in the UnitÂed States and with no imÂmeÂdiÂate plans for more inÂterÂnaÂtionÂal exÂpanÂsion outÂside Canada, TarÂget is not as much of a real esÂtate comÂpany as it used to be. Instead, it is foÂcusÂing more on drivÂing same-store sales, he said.
BeÂcause of the timÂing of the anÂnounceÂment, Griffith's deÂparÂture may be viewed as part of the reÂtailÂer's straÂtegic shift.
"But I think it's more of a funcÂtion of 'Yes, there's still going to be real esÂtate opÂporÂtuniÂties to seÂlecÂtiveÂly open up new doors with CityTargets and Target Express, but it's not going to be the same type of efÂfort that the comÂpany has been spearÂheadÂing in terms of store exÂpanÂsion,' " he said.
When asked whether the prospect of a new CEO taking over was part of his consideration to retire, Griffith said, "That person will want to pick his own team, and that's totally appropriate."
The Colorado native said he will spend more time with his wife, Lisa, and three children, as well as biking and fly-fishing.
In an inÂterÂnal memo to employees, GrifÂfith said, "TarÂget is a speÂcial place, filled with speÂcial peoÂple. Love what you do and love each othÂer. I will be cheerÂing you on from the sideÂlines."
Staff writÂer Kavita Kumar conÂtriÂbuted to this Âreport.
JaÂnet Moore • 612-673-7752