Target To Open 70 Small-Format Stores in 2017

by Katie Lee

Minneapolis — At a financial community meeting on February 28, 2017, Target CEO Brian Cornell, COO John Mulligan and CFO Cathy Smith shared an overview of Target’s plans for the future.

Most notably, the retailer is investing more than $7 billion in capital over the next 3 years, and approximately $1 billion in annual operating profits beginning in 2017, to grow sales faster, gain market share, adapt to guests’ rapidly changing preferences and attract more shoppers to Target.

“We’re investing in our business with a long term view of years and decades, not months and quarters,” Cornell says. “We’re putting digital first and evolving our stores, digital channels and supply chain to work together as a smart network that delivers on everything guests love about Target.”

In addition to accelerating the growth of its digital infrastructure, Target Corporation will reimagine more than 600 locations over the next 3 years. By 2019, all Target stores will offer ship-from-store capabilities, with back rooms doubling as distribution centers to deliver products straight to customers’ doorsteps.

“This June, we’re rolling out new technology that allows team members to search our inventory, take payment from a mobile point-of-sale system and arrange delivery — all from the sales floor,” Cornell adds. “It’ll be in all stores by the end of this year.”

In addition, the company plans to open 30 small format stores in 2017, doubling its presence in dense urban markets and on college campuses. By 2019, Target will operate more than 130 small format stores.

SOURCE: Target Corporation

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