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Target plans to test smaller store format concept

22
Jan '10
Target Corporation remains strongly committed to innovation and continued strategic growth, and will outline its growth opportunities for the next five to 10 years during a meeting with members of the financial community. Those opportunities include both traditional and new focus areas for growth. Specifically, Target plans to focus on:

• Continued growth within existing stores, which will be achieved through a substantial store remodel effort. Target expects to invest approximately $1 billion in the renovation of about 340 existing stores in 2010, incorporating a variety of new merchandise initiatives, including expanded grocery content in general merchandise stores; and enhanced layout, assortment, and in-store experience in a variety of other merchandise areas including Beauty, Home, Electronics and video games.
• New construction of traditional Target store formats in existing trade areas. Target's plans include fewer than 10 additional locations in 2010, net of closings and relocations, with the opportunity to increase that number in 2011 and beyond. The exact number and pace of these new store openings beyond this year will depend on a number of factors, including the economic and real estate environment, as well as internal operational performance.
• Development of a smaller store format with an edited merchandise assortmentwhich meets the needs of guests in dense urban markets, and fits within the real estate constraints of these areas. Target plans to test this concept within the next few years.
• Expansion outside the United States, with initial growth most likely in Canada, Mexico or Latin America beyond a 3- to 5-year horizon.

"As we approach each of these growth opportunities, Target will apply the same rigorous financial discipline that we have applied historically, ensuring a returns-based approach and the prudent use of capital," said Gregg Steinhafel, chairman, president and chief executive officer of Target. "We are excited about the growth potential for Target and believe we have the capital, talent, and right blend of discipline and innovation to deliver meaningful value to our guests and shareholders."

Target's Financial Community Meeting will be held in Philadelphia. In addition to Gregg Steinhafel, speakers at the day's event include: Doug Scovanner, Executive Vice President and CFO; Kathee Tesija, Executive Vice President, Merchandising; and Michael Francis, Executive Vice President and CMO. A live webcast of the day's presentations and the Q&A session will be available online on the Archives and Webcasts section of the target.com/investors website beginning at noon CST.

Target Corporation


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