MINNEAPOLIS, MN – Looking to get a jump on its competitors, Target rolls out aggressive remodeling and investment plans for 2018, and forty-nine states are in for a treat – wait, fifty! As of fall of next year, the retailer will open its first Vermont location in South Burlington, officially bringing Target to every state in America.
“Guests are rewarding us with more traffic and we’re driving increased sales,” said Brian Cornell, Chairman and CEO, according to Bloomberg. “It’s given us confidence to move forward aggressively.”
And that’s not all Target has planned. Originally aiming to remodel 600 stores by 2019, Target set a new goal with plans to revamp more than 1,000 stores by the end of 2020, concentrating investments in major city hubs, web-friendliness, and smaller stores.
With Walmart abandoning small-format stores, Target has chosen to rework the more profitable store format into its plans in order to boost sales and differentiate from competitors. Despite typically being costlier to operate than larger stores due to frequent deliveries for essentials, small-format stores generate at least twice as much in sales per square foot, and Target is hoping to prosper. Opening 11 small-format stores this week alone, racking up a grand total of 55, Target plans to have 130 small-format stores nationwide by the end of 2019, according to the report
“As we open more small-format stores in our new neighborhoods across the country, we’ll be even closer to our guests, and our reimagined stores will provide elevated inspiration and ease, along with serving as hyperlocal distribution centers to fulfill digital orders faster,” said Cornell in a press release.
Along with remodels and store openings, Target is also gearing up for its Restock program, a service that lets customers have essentials like toothpaste delivered the next day, set to launch next year.
Will Target’s investment in small-format stores give them an edge over competitors like Walmart? AndNowUKnow will continue to report.
