Target’s 2010 Ad Spend $1.5B, Top Among MN Cos.
Target Corporation spent more on advertising last year than any other Minnesota-based company and more than all but 17 other companies across the United States.
According to Advertising Age, the Minneapolis-based retailer's total ad spend in 2010 totaled about $1.51 billion-up 12 percent from $1.35 billion in 2009.
Two other Minnesota-based companies also appeared on Ad Age's recently released list of the “100 Leading National Advertisers.” General Mills, Inc., ranked 35th and Best Buy Company ranked 56th. Golden Valley-based General Mills spent $986.7 million on advertising last year, up 15.5 percent from 2009, and Richfield-based Best Buy spent $666.5 million, up 5.9 percent from 2009.
Also appearing on the list was Wells Fargo & Company, which is based in San Francisco but has a large presence in Minnesota. It spent $559.1 million on advertising in 2010, ranking it 60th.
First on the list was Cincinnati-based Procter & Gamble Company, which spent $4.6 billion on advertising in 2010-followed by Dallas-based AT&T (which spent $3 billion) and Detroit-based General Motors Company (which spent $2.9 billion).
To view the full list, click here.
Target is Minnesota's largest retailer and the state's second-largest public company, having brought in $67.4 billion in revenue during the fiscal year that ended in January. Best Buy is the state's second-largest retailer and third-largest public company, with $50.3 billion in revenue for the fiscal year that ended in February. General Mills is Minnesota's eighth-largest public company.