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E*TRADE, Target to pilot online financial service center
MENLO PARK, Calif. -- E*TRADE Group, Inc. (Nasdaq: EGRP) has signed a strategic multi-channel partnership with Target Corporation (NYSE: TGT) to place an online financial service center at a SuperTarget store in Roswell, Ga., with the opportunity to roll out financial service centers in SuperTarget stores across the country. The program will provide E*TRADE customers with the ability to obtain online financial services while visiting Target. Through the agreement, E*TRADE and Target will co-market the program to Target's guest card holders and in-store Target guests. The 400-square-foot financial service center will allow Target guests to conduct on-line banking at E*TRADE terminals or open an E*TRADE account, in addition to having the opportunity to speak with E*TRADE about financial products and services. Other services will include stock quotes, market updates, trading capabilities, financial research, news and commentary through the Destination E*TRADE Web site. An E*TRADE Bank branded ATM will also be included in the center. "We're very excited about our new alliance with Target and believe it will significantly enhance the strong value we provide to our customers," said Jerry Gramaglia, chief marketing officer of E*TRADE Group, Inc. "The E*TRADE/Target in-store financial service center will offer our customers broader access and greater convenience, empowering them with both 'high touch' and 'high tech' advantages where they live and shop." Jerry Storch, president of Target Financial Services and New Businesses, said, "Our business goals are closely in-line with E*TRADE's in that we strive to deliver top quality products and services to our guests in one location. This alliance is an example of how to combine the power of physical stores with the power of the Internet to create a compelling guest offering." E*TRADE and Target will develop a co-branded Web site designed to give customers a better understanding of the financial tools and services offered by E*TRADE. The Web site will be customized for Target guests, who will be able to open either a banking or brokerage account with E*TRADE. The site will be promoted through multiple marketing channels at Target, such as direct marketing to Target Guest Card holders; the target.com website; and the SuperTarget location.
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