MINNEAPOLIS, MN – Target looks to be firing up all brainstorms, having recently unveiled several new strategies to turn its sales around after releasing its Q4 and year-end report for 2016. Now the company is pushing even further with the announcement of a $7 billion investment plan, set to unfold over the next three years.
“We’re investing in our business with a long-term view of years and decades, not months and quarters,” said the retailer’s CEO Brian Cornell, according to a press release. The executive made the announcement with COO John Mulligan and CFO Cathy Smith as the company gave an overview of plans for Target’s future. “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, including more than a dozen new brands we’ll introduce over the next two years. We’re confident our strategy meets the challenges of today and will lead us well into the future.”
The breakdown kicks off with about $1 billion in annual operating profits beginning in 2017, with the overall goal of growing sales faster, gaining market share, adapting to guests’ rapidly-changing preferences, and giving more reasons to choose Target.
Details included:
- Enhancing Target’s digital experience
- Reimagining its more than 600 stores, including converting all back rooms into “hyperlocal distribution centers”
- Opening small format stores with the goal of more than 130 locations by 2019
- Offering competitive prices every day
- Introducing exclusive brands guest will love
With an emphasis on expanding digital tools and making operations easier for employees and guests alike, the retailer stated that it wants to accelerate its efforts in implementing technology and becoming more affordable for consumers.
It all begins this year, with 30 small format stores slated to open before 2017 is out. The retailer acknowledged that it will be a lot of work, but that its team is in it for the long haul.
Keep checking in with AndNowUKnow as we watch these and other big retail plans unfold.
