Target Details Strategic Plans

Target Corp. (Minneapolis) has outlined an ambitious series of investments aimed at yielding billions of dollars of profitable sales growth across its multi-channel business by 2030. The general merchandiser disclosed those plans at a financial community meeting.

“Shoppers continue to seek differentiated options and distinctive shopping experiences without sacrificing value, and Target has the scale, strategy and capabilities to support all the ways consumers shop and engage with brands,” Chair and CEO Brian Cornell said at that session. “With gains in consumer traffic, continuing improvements in speed and reliability, and accelerating growth across digital capabilities, we are doubling down on initiatives that scale these capabilities and drive meaningful top-line and bottom-line growth. Our strategy is all about creating today’s ‘Tarzhay,’ offering everyday discovery and delight for millions of families and ensuring Target is a consumer favorite for years to come.”

The plans include:

• New stores and remodels – Through an ongoing effort to add more than 300 stores over 10 years, Target plans to open around 20 new stores, mostly in large formats, and to invest in remodeling several others across the country in 2025. Physical stores offer the space and flexibility to incorporate the best of Target’s shopping experience while powering more efficient fulfillment operations and fueling digital growth as part of the company’s stores-as-hubs model. (Editor’s note: The retailer’s website currently lists 37 stores in its development pipeline; the states with the most locales are Texas (7) and Florida (5). The site does not list opening dates. Overall, the chain consists of just under 2000 stores.)
• Reimagined key categories – Beginning this year, a multi-year initiative will build momentum in product categories with growth potential. For example, a reinvention in gaming, sports and toys will offer new and expanded assortments and an enhanced in-store experience. The retailer is also refreshing its home assortment by adding even more trend-forward offerings like Hearth & Hand with Magnolia and Threshold designed with Studio McGee.
• Owned-brand innovations – Target will launch a new series of Good & Gather Collabs with celebrated chefs, kicking off March 9 with James Beard Award-winner Chef Ann Kim. More owned brand newness — including up&up and other essentials-brand expansions, 600 new food and beverage items and a refresh in Boots & Barkley pet supplies.
• New partnerships – Target will offer more brand partnerships, including recently announced collections with Champion and Disney, as well as shop-in-shops with Warby Parker.
• Speed and flexibility in apparel – Enhancements in apparel will reduce the time it takes to design, source and get product on shelves.
• Newness in beauty – The retailer’s ongoing evolution in the beauty category continued in February with the introduction of more than 45 new beauty brands and 2,000 new items, with 90% priced under $20, and more newness to come in the year ahead.