Target is opening up 20 stores this year as part of ongoing investments aimed to drive $15 billion of profitable sales growth by 2030.
The Minneapolis-based retailer plans to open at least eight locations in California, Connecticut, Florida, New Jersey, New York and Pennsylvania through August. There will be nine more openings in late fall.
Target has already opened up four locations since the beginning of the year. The openings build on the company’s long-term plan to open 300 stores over the next decade as well as remodel several others.
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Target Corporation CEO Brian Cornell outlined the company’s store expansion plans during a March 2024 earnings call, in which he elaborated on broader initiatives aimed at driving long-term growth. The company listed 22 states on its website where store openings may take place over the coming decade.
The new stores will be “mostly full-size stores,” helping the company generate “billions of dollars in incremental growth,” Cornell said during the March 2024 call. He also told analysts that the company would continue to remodel other stores while investing in its supply chain and technology. At least 10 additional supply chain facilities will also be operating within the next decade, he said.
Among its changes, the company also plans to expand its product assortment, amplify its digital marketplace, enhance its omnichannel experience and boost its loyalty program.
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In May, during its latest earnings call, Cornell announced that the company had also developed a new multi-year growth initiative, called Enterprise Acceleration Office, and made changes to its executive suite, as the company worked to turn around operations.
The Enterprise Acceleration Office initiative, led by Target Chief Operating Officer Michael Fiddelke, will specifically help the company operate more nimbly, “creating conditions for speed, adaptability, innovation and resilience,” Cornell said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 101.10 | -1.12 | -1.10% |
Target said in its latest earnings that it expects a low-single digit decline in sales for fiscal 2025, down from its previous forecast of net sales growth of about 1%. It expects adjusted earnings per share to be approximately $7 to $9 for fiscal 2025, down from its prior expectation of $8.80 to $9.80.
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