Target’s small format stores continue to thrive. In 2019 with 100 small-format stores open, the new concept “contributed more than $1 billion in total sales.”
“Following the opening of its 100th small-format store last year, 2020 will be the biggest year to date for Target’s small-format expansion, with nearly three dozen new stores. Throughout 2020, Target will be adding Drive Up to dozens of small-format stores across the country that have parking lots, making it even easier for guests to shop.”
Target’s growth strategy is smart and focused; “exploring sites for stores that are approximately 6,000 square feet, roughly half the size of its smallest small-format store, reaching even more guests in urban neighborhoods and on college campuses. The first store lease is expected be signed in 2020, with an opening date in 2021.”
In addition to new growth initiatives, Target continues to remain “on track to complete more than 1,000 store remodels nationwide by the end of 2020, with plans for about 300 remodeled stores this year. The average sales lift of a remodeled Target store has been in the range of 2-4% in year one, with an average of more than 2% in the second year.”
Furthermore, Target will actively test “a new front-of-store layout that creates an even more welcoming first impression, with fresh flower displays, a curated product assortment, and lower walls and counters to make it easier for team members to offer helpful service to guests.”
Source: Target Corp. 3/3/20 Press Release
Photo Credit: Target Corp.
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at more than 1,800 stores and at Target.com. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. For the latest store count or for more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.