Minneapolis — At its financial community meeting in early March, Target Corporation outlined how ongoing investments will aim to accelerate its strategy and drive billions of dollars of profitable sales growth across its multi-channel business by 2030. Plans for 2025 and beyond include:
• Elevating shopping with technology: The retailer will innovate with search, social and data-driven personalization. That includes enhancing solutions powered by artificial intelligence (AI) that offer more relevant product recommendations, optimize search results and integrate with social media trends.
• New stores and remodels: Through its ongoing effort to add more than 300 stores over 10 years, Target plans to open around 20 new stores, the majority large formats, and invest to remodel many more across the country in 2025. Physical stores offer the space and flexibility to incorporate the best of Target’s shopping experience while powering more efficient fulfillment operations and fueling digital growth as part of the company’s stores-as-hubs model.
• Supply chain evolution: Updates and expansions across the company’s supply chain network will move inventory with more speed, accuracy and efficiency. That includes modernizing the company’s core inventory management system with AI-powered technology solutions that will improve reliability and reduce out-of-stocks. The company is also implementing several new package delivery solutions, leveraging existing stores and supply chain assets and its Shipt capability, to further improve delivery speed to consumers.
“Shoppers continue to seek differentiated options and distinctive shopping experiences without sacrificing value, and Target has the scale, strategy and capabilities to support all the ways consumers shop and engage with brands,” says Brian Cornell, chair and chief executive officer, Target. “With gains in consumer traffic, continuing improvements in speed and reliability and accelerating growth across digital capabilities, we are doubling down on initiatives that scale these capabilities and drive meaningful top-line and bottom-line growth.”
Minneapolis-based Target Corporation operates nearly 2,000 stores. Since 1946, Target has given 5% of its profit to communities, which today equals to millions of dollars a week. For more information, visit Target.com.
SOURCE: Target Corporation