In its second-largest acquisition, Amazon buys the company for $970 million.
Target Corp. has launched www.target.etrade.com, a cobranded financial services Web site offered through E*Trade Group Inc. The site is the online component of the marketing alliance forged between the two companies and announced earlier this year. As an introductory incentive, visitors to the site who open a new E*Trade brokerage account with a minimum of $1,000 will receive a $100 Target GiftCard. The GiftCard allows guests to make purchases at any of Target's 942 stores nationwide. Also, visitors who open a new E*Trade Bank account with a minimum of $500 will receive $25 deposited directly into their new account.
The alliance also provides for a pilot E*Trade financial services zone, which will open at the SuperTarget store in Roswell, Ga., in early September. It will allow E*Trade to test its physical space concept while supporting its Web-based business in preparation for a possible roll out of financial services zones in additional SuperTarget stores, the Menlo Park, Calif.-based firm says. Minneapolis-based Target announced a similar joint marketing and promotion initiative with America Online yesterday.