Target ( TGT ) is one of the oldest and most iconic brands in American retail, but shares in the national discount chain have been a bad buy-and-hold bet for ages. The big-box chain that came to define the concept of "cheap chic" traces its roots to a single family-owned department store in the early days of the 20th century. Six decades later, a rapidly expanding middle class in the midst of the baby boom drove consumer demand for one-stop shopping at value prices. It's no coincidence that Target shifted to a discount format at the same time that Walmart ( WMT ) and K-Mart entered the market. A merger and decades of expansion set Target up to be the comparatively upscale alternative to Walmart during the heyday of big-box chains at the end of the 20th century. Whereas Walmart's slogan was "Always Low Prices, Always," Target led with "Expect More. Pay Less." From just $107.88 $24.99 for Kiplinger Personal Finance Become a smarter, better informed investor.…