Dive Brief:
- Target will open its 2,000th store this year in Fuquay-Varina, North Carolina, as part of its broader brick-and-mortar expansion strategy, the retailer said in a Thursday press release.
- Located near Raleigh, North Carolina, the 148,000-square-foot store “represents the future of Target’s elevated guest experience,” according to the company.
- The retailer plans to open more than 30 stores this year and more than 300 new stores by 2035.
Dive Insight:
Target’s store openings announcement follows the retailer stating it would make a $1 billion operational investment to make “more changes within all stores than any year in the last decade.” The investment includes additional store payroll and training, along with an increase in spend on marketing and technology.
That money is on top of the retailer’s $5 billion capital expenditure investment in new stores and enhancements announced last fall.
Target’s 2,000th store features an open layout design. It also is the retailer’s “latest food-forward prototype,” with a food and beverage department that is 30% larger than the average store, with an extensive selection of owned and national brands.
The location, Target’s 55th store in North Carolina, will contain a CVS Pharmacy, Starbucks Cafe and Disney Shop. It will offer same-day services including a drive up area with 24 pickup lanes, order pickup and same-day delivery, along with next-day delivery options.
In addition to its new North Carolina location, Target is opening six more stores this month, located in Bakersfield, California; Delano, California; Springfield, Missouri; Jersey City, New Jersey; West Orange, New Jersey; and Dallas.
Alongside its 30 new store openings this year, the retailer is planning to remodel 130 locations and offer next-day delivery in an additional 20 metro areas. Target’s next-day delivery expansion will allow it to reach 60% of the U.S. population.
“Guests tell us all the time they want a Target closer to home, and this investment helps us do exactly that,” Adrienne Costanzo, chief stores officer at Target, said in a statement. “That means even more neighborhoods will get the full Target experience: trend-forward style and value, technology that makes the trip effortless and awesome teams who deliver easy, inspiring and friendly moments every single day.”
Though Target is mapping out its future store openings, the retailer has restructured its workforce in recent months. Last October, the company laid off roughly 1,000 employees and closed 800 open roles (about 8% of its global corporate workforce). In February, the company cut another 500 positions, 100 at the store district level and 400 within its supply chain.
Target is launching its turnaround plan following a challenging fourth quarter and fiscal year. The retailer’s Q4 net sales dipped 1.5% from a year prior to $30.5 billion, and its comparable store sales declined nearly 4% year over year. Its fiscal year net sales for 2025 decreased by 1.7% from the year prior to $104.8 billion.
