Home / Knowledge / News / Textiles / Target plans to test smaller store format concept

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


Must ReadView All

Pic: XiXinXing / Shutterstock.com

E-commerce | On 11th May 2021

China's e-commerce logistics activities grow in April

E-commerce logistics sector in China showed moderate growth in April...

Pic: Phaustov / Shutterstock.com

Retail | On 11th May 2021

British retail company JD Sports acquires Manchester-based Oi Polloi

British sports fashion retail company JD Sports has acquired the...

Pic: Tufts University

Textiles | On 11th May 2021

Tufts University steps towards sustainability in leather by using silk

Scientists at the Tufts University School of Engineering have created ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Textile Industry, Head honchos

Textile Industry
Head honchos

We are staring at livelihood crisis for weavers

Textile Industry, Head honchos

Textile Industry
Head honchos

Fashion tech has to be lean and very productive

Nina Smith,

Nina Smith

GoodWeave International, a nonprofit working to end child, forced and...

Alberto Gotti,

Alberto Gotti

Danitech was born from the will of a group of technicians to offer the...

Ritu Oberoi,

Ritu Oberoi

Established in 2018, Forsarees is a socially driven business enterprise,...

Madison Maxey, Loomia

Madison Maxey
Loomia

Loomia designs and manufactures soft circuit systems that can be produced...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah & Sandeep is a luxury menswear label...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search