Minsok Pak to Lead Target’s Strategy, Innovation
Retailers must fundamentally change their business models, says Target's new head of strategy and innovation.
Target has appointed Minsok Pak as its executive vice president and chief strategy and innovation officer, as which he will be responsible for the retailer’s enterprise strategy development and retail innovation, with the goal of enhancing the guest experience and accelerating growth.
Reporting directly to Target Chairman and CEO Brian Cornell, Pak will also oversee business development for the 1,816-store chain, including mergers, acquisitions, partnerships and joint venture initiatives. He’ll join the Minneapolis-based retailer effective Sept. 11.
"Minsok brings deep business acumen and proven leadership capabilities to Target,” Cornell said. “Throughout his career, he has counseled numerous companies and led through significant times of change. He brings 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.”
Retail's Biggest Challenge
What does Pak see as the biggest challenge retailers are facing today?
“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,” he said in a Target Q&A. “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.”
Two Decades of Experience
Pak has two decades of experience with McKinsey & Co., where he held various leadership roles and worked with leading global retail and consumer companies. Additionally, Pak led McKinsey’s digital transformation group and was in charge of the firm’s internal digitization initiative.
Most recently, Pak was SVP of retail at The Lego Group, responsible for leading the toy company’s branded retail channel, including more than 250 stores and ecommerce sites across 24 markets. He has also worked with LG Electronics and private equity firm Actium Corp.
"Target has a legacy of innovating within the retail space, including their unique design partnerships, compelling brand portfolio, and investments in the shopper experience. I've long admired the company’s enviable brand positioning and loyal following," Pak said. "I aim to build on that foundation, developing strategies for the future that drive innovation across the entire company and focus on further enhancing the guest experience, fueling growth, and ultimately positioning Target to succeed in a dynamic retail environment. I look forward to working with Brian and the Target team to accelerate the work already under way."