US retailer Target has announced a strategic investment plan to enhance the shopping experience for its customers and drive long-term growth.
Over the ten years to 2033, the US retail giant intends to build more than 300 new stores with a focus on reaching new customers with an enhanced shopping experience both in-store or via same-day services.
Target's 2,000 stores will see upgrades ranging from full remodelling to the addition of Ulta Beauty locations and enhancements to support same-day services.
The retailer’s supply chain operations will also see advancements in efficiency, speed and capacity.
Target will implement next-day delivery through sortation centres and utilise artificial intelligence for better inventory efficiency and forecasting across its network.
In 2024 the retailer will launch and expand several owned brands, providing customers with a broader range of options.
The new brands include dealworthy, the relaunched up&up, Target's largest essentials brand and Gigglescape, a new range of toys.
Target will re-introduce its loyalty membership programme, Target Circle, with a suite of memberships on 7 April 2024.
The programme, which already has 100 million members, will continue to offer free-to-join membership, a retail payment card option and a new paid-for membership in a move known as Project Trident, reflecting members' desires for a more personalised shopping and saving experience. These developments represent a bid to stimulate growth and remain competitive.
Target chair and chief executive officer Brian Cornell said: “For years, Target has consistently built for the long-term, investing in the assets, capabilities and team that have differentiated our business, enabled us to deliver for guests in any environment and driven strong growth.
“Today, with that same long-term view, 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. Most importantly, these plans provide fuel for our next era of growth."
