Skip to main content

After bumper earnings, Target will accelerate new store openings

The retailer has revealed its plans for the next few years, which includes an investment in Minneapolis.

Target has announced it will seek to capitalize on its bumper 2020 by investing $4 billion a year "during the next several years" to expand its retail empire.

The Minneapolis retailer saw its sales rise $15 billion in 2020 – more than the past 11 years combined – as it cashed in as an "essential retailer" during the pandemic, and benefited from the massive shift to online sales.

And following the announcement of its 4th Quarter results, the company has released its plan for the next few years that among other things will see it "accelerate new store openings" and remodels.

The company opened 30 new stores in 2020 – 29 of them its small-format stores – and plans to accelerate this to open 30-40 new stores every year for the foreseeable future.

It is targeting "urban centers, college campuses, and dense suburban cities" across the country, naming the likes of New York, L.A., Portland, Denver, and Brooklyn among those likely to see expansions.

It'll also accelerate its store remodel program that has already seen many of its Twin Cities stores revamped. It's planning another 150 nationally by this holiday season, and will try to remove 200 a year starting in 2022, which will include "additional contactless features, updates that facilitate same-day fulfillment and more room for social distancing."

Sign up: Subscribe to our BREAKING NEWS newsletters

Its base in Minneapolis is also set for some investment too, with Target announcing it's currently testing a "new type of facility" here that it's calling a "sortation center," with a view to opening five more this year.

The sortation centers collect online orders from local stores several times a day, and "sorts them into efficient routes" for Target's same-day delivery carriers.

"This pulls the sorting activity out of store backrooms so it can be consolidated more efficiently at one facility, giving store teams more time and space to fulfill additional orders, while reducing the load on external carriers," the company says. 

"This process increases store fulfillment capacity, reduces last-mile fulfillment costs and speeds delivery to guests."

Target will also expand the assortment of fresh and frozen food available in its Drive-Up and Pick-Up services.

Next Up

image

Gallery: Sprawling estate near Superior National Forest listed for $2.9M

The property has been in the same family for over 60 years.

Screen Shot 2022-09-27 at 2.51.49 PM

Surgery clinic proposed to replace 111-year-old farmhouse in Eagan

A developer is proposing to transform the remnant farm property.

Hurricane Ian

Why Hurricane Ian could be catastrophic in Florida

Hurricanes are the atmosphere’s biggest show of force and energy, and Hurricane Ian is no exception.

image

Suspect arrested after man and dog shot on St. Paul's East Side

The shooting happened around 12:45 p.m. Tuesday.

MissingBemidjiTeenBCA

Bemidji police appeal to find missing teenager

Tahlia Poitra was last seen Wednesday.

PacoAndLime

Crisp & Green owner launches new chain, with 12 MN locations planned

Steele Brands already owns and operates Crisp & Green and Stalk & Spade.

0

New vendor to open at Rosedale Center food hall

POTLUCK Food Hall offers a rotating collection of local restaurants and food retailers.

MadelynHowardMugMonroeCo

Woman charged in drunk driving incident that killed Minnetonka HS alum

Nate Stratton, 20, died from his injuries on Sept. 18.

LeeIGHGoFundMePhoto

Inver Grove Heights father killed during suspected burglary

Three people were arrested in connection to the homicide.

image

St. Paul's upcoming Spring Break restaurant will celebrate the 1980s

The restaurant is one of two new concepts bring brought to downtown St. Paul by local Chef Brian Ingram.

Related

target

Target sales grew by $15B in 2020, more than past 11 years combined

The pandemic led to a historic year for the Minneapolis retailer.

target store

Target announces blowout 3rd quarter results

The retailer has seen business surge during the pandemic.

After Amazon, Target may be the biggest threat to struggling retailers

The Minneapolis retailer goes from strength-to-strength while others stagnate.

Target announces 6 store closures, including Brooklyn Center

The Bullseye is shutting down underperforming stores.

Target store inside

Target's store remodels, delivery options are winning over customers

The Bullseye just announced another big jump in sales.

target

Target quarterly sales rise again after historic year of COVID sales

Target's profits rose from $284 million in Q1 last year to $2.1 billion this year.

Members of Target's new loyalty program shop more often, spend more

Target is reaping the benefits since launching Target Circle.