Target Corporate Newsroom: Target Announces Investments To Drive Long-Term Growth

Manhattan Beach CA

02 March, 2022

11:58 AM

Description

Press release from the Target Corporate Newsroom: March 1, 2022 Retailer to expand capacity and capabilities in its stores, digital experience and supply chain Retailer to expand capacity and capabilities in its stores, digital experience and supply chain Target Corporation (NYSE: TGT) today announced its plan to invest up to $5 billion to continue scaling its operations in 2022. Target will invest in its physical stores, digital experiences, fulfillment capabilities and supply chain capacity that further differentiate its retail offering and drive continued growth. "Years of investment in our team and business have driven our sales beyond $100 billion and positioned Target to meet the needs of our guests no matter how they choose to shop," said Michael Fiddelke, chief financial officer, Target. "We see substantial opportunities to build on our core capabilities to drive deeper guest engagement and long term growth." New Store Openings & Remodels In 2022, Target plans to open approximately 30 stores, reaching more guests in new neighborhoods. The stores will range in footprint, from mid-size locations in dense suburban areas to small-format stores in city centers like Charleston, SC, and New York's Times Square. This flexibility enables Target to open stores of any size to meet community needs. In addition to new stores, Target will build on the company's remodel program with 200 top-to-bottom renovations of its existing fleet, reaching more than half the chain since beginning this effort in 2017. These investments add inspiration to the store environment through modern design elements like brighter lighting and elevated merchandise displays, while also equipping the team with enhanced hold space and pickup areas for online fulfillment. On top of the full-store remodels, Target will complete hundreds of smaller projects across the chain to support the growth of its fulfillment services and expanding in-store brand partnerships. This press release was produced by the Target Corporate Newsroom. The views expressed here are the author's own.