MINNEAPOLIS — Retail giant Target Corp. (NYSE: TGT) has announced plans to open 300 stores and enhance the majority of its 2,000-store portfolio.
The news comes on the heels of the company’s fourth-quarter 2023 earnings reports, which saw comparable sales and traffic trends improving for the second consecutive quarter. Target also plans to invest in its supply-chain operations in hopes of bolstering its next-day delivery options through the use of artificial intelligence for improved inventory efficiency.
Enhancements to the Minneapolis-based company’s existing portfolio are set to include remodels adding Ulta Beauty “store-within-a-store” locations, upgrading fixtures and additions that help support same-day services. According to Target’s most recent earnings reports, same-day services like in-store pickup, drive-up and Shipt deliveries represent more than 10 percent of total sales and increased by 13.6 percent in the fourth quarter of 2023.
Details on the 300 new locations were not released.
The company has also announced plans to reintroduce its loyalty membership program, Target Circle, with a number of membership options that build off of each other. While Target Circle will remain free to join, a new paid membership will be introduced dubbed Target Circle 360, which allows consumers unlimited and free same-day product delivery.
“Today, we’re making strategic investments that expand on our core strengths, further elevate our guest experience and deepen our connection to both current and new guests,” says Brian Cornell, CEO of Target. “Most importantly, these plans provide fuel for our next era of growth.”
The company’s stock price closed at $173.54 per share on Wednesday, March 6, up from $159.84 one year ago.
— Katie Sloan