Dive Brief:
- On Oct. 11, Target is opening eight new locations in New York, Ohio, Mississippi, Texas, Virginia and Tennessee, according to a press release.
- These stores, which include one in the Hamptons, are the last of the 30 locations the company planned to open this year. Seven of the eight new stores are larger than 125,000 square feet, the average size of its stores.
- The retailer is on track to build over 300 new stores by 2035.
Dive Insight:
Target is growing its national store count as part of its strategic plan.
Last fall, the retailer said it would pour an additional $1 billion into its business this year on top of $5 billion on new stores, remodels, technological improvements and other capital expenditures.
“These new stores give our teams the tools and environments to bring our merchandising strengths to life, create easier and more inspiring shopping experiences, and use technology to move smarter and faster every day,” Adrienne Costanzo, chief stores officer at Target, said in the release.
The company is also remodelling 130 locations and offering next-day delivery in an additional 20 metro areas in 2026.
Earlier this year, the retailer opened its 2,000th store in Fuquay-Varina, North Carolina, which featured an open layout design and a food and beverage department that is 30% larger than the average location. The following month, the company announced six more store openings in May in Arizona, Missouri, New Jersey and North Carolina.
Target is continuing its new and updated store rollout following a successful second quarter. In Q2, the company’s net sales increased 5.3% from a year prior to $26.5 billion, and comparable sales rose 3.8%. Its net earnings surged over 100% to almost $1.9 billion.
