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MINNEAPOLIS, Nov. 10, 2022 /PRNewswire/ -- Target Corporation (NYSE: TGT) today revealed the next evolution of its new store strategy and store design created to better serve its guests and team members and drive continued growth. Target's new larger-format stores optimize additional space and new design elements and at nearly 150,000 square feet, the locations are more than 20,000 square feet larger than the chain average. While the retailer will continue to open stores of all sizes, it will focus on this larger footprint in the next few years. Target also will bring its reimagined store design — which features a more open layout and localized elements to inspire and serve its guests — to future remodels as well as new stores across its chain.
"Target's stores are at the heart of how we deliver for our guests, whether they browse the aisles, shop online or stop by for same-day services like Order Pickup and Drive Up," said John Mulligan, executive vice president and chief operating officer, Target. "Guests and team members tell us they come to Target because they feel inspired, connected and welcomed. With our reimagined store design and larger store footprint that better supports our same-day services, we can give guests more of what they love while incorporating features that build on our commitment to sustainability, community and helping all families discover the joy of everyday life."
The retailer leveraged years of research and learnings to create both the updated store design and evolve its store strategy to debut a new expanded footprint. These larger stores will offer guests Target's wide assortment of merchandise offerings, support the retailer's popular same-day fulfillment services and deliver on its stores-as-hubs strategy for digital fulfillment. The retailer recently debuted the new store design and larger store format in a new location outside Houston.
While focused on the new larger footprint in the coming years, the retailer will continue opening stores of all sizes to serve guests in communities nationwide, as it has for years through its small-format store strategy.
Optimized store sizeTarget's new stores with a larger footprint will feature:
Target's evolved store experience includes features such as:
Starting in 2023, more than half of Target's approximately 200 full store remodels and almost all the retailer's approximately 30 new stores will include elements of the new design. Beginning in 2024, all of Target's remodels and new stores will feature the majority of the reimagined store design elements.
MiscellaneousStatements in this release regarding Target's future financial performance, expectations regarding its new store strategy and store design, and expectations regarding its sustainability strategy and commitments are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause Target's actions to differ materially. The most important risks and uncertainties are described in Item 1A of Target's Form 10-K for the fiscal year ended January 29, 2022. Forward-looking statements speak only as of the date they are made, and Target does not undertake any obligation to update any forward-looking statement.
About TargetMinneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center and by following @TargetNews.
Spanish Translation
Acerca de TargetTarget Corporation (NYSE: TGT), una empresa con sede central en Mineápolis, atiende a su clientela a través de casi 2,000 tiendas y de Target.com, con el propósito de ayudar a todas las familias a descubrir la alegría de la vida diaria. Desde 1946, Target destina el 5 % de sus ganancias a comunidades, lo que actualmente equivale a millones de dólares por semana. Para obtener más información sobre la compañía, visite su sitio web corporativo y centro de prensa y siga @TargetNews.
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SOURCE Target Corporation