Ad Spending Up For Target, Down For Best Buy
The two big Minneapolis-headquartered retailers went in opposite directions last year, as Target raised advertising spending and Best Buy reduced it.
According to the Minneapolis-St. Paul Business Journal, which cited figures from TNS Media Intelligence, Target raised its ad spending by 2.2 percent to $760.1 million, devoting most of its energy to television and newspaper advertising.
Best Buy, meanwhile, dropped its media spending by 17.7 percent, to $298.3 million, as it redirected funds towards such efforts as its Reward Zone program.
Rival Walmart spent $863.9 million on advertising in 2008.