Skip to main content
Publish date:

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

Karl-Anthony Towns

Timberwolves' winning streak snapped at five games

The Wolves' bid for their longest winning streak since 2014 came up short.

Screen Shot 2020-08-14 at 6.45.53 PM

Teen arrested over fatal shooting of 5-year-old boy in Brooklyn Park

Police say the teen was filming a social media video while handling a gun.

Joe Biden

President Biden coming to Minnesota to promote Bipartisan Infrastructure Law

Tuesday's trip follows passage of the $1.2 trillion Bipartisan Infrastructure Deal.

Kirill Kaprizov

Kaprizov gets into the holiday spirit to rout Jets

Kirill Kaprizov's four points led the Wild to a 7-1 victory.

Kirk Cousins

Coller: Cure to Vikings' disrupted season lies in an explosive passing game

The Vikings go to San Francisco knowing that a win would be a huge boost to their playoff hopes.

unsplash football helmet ground

Judge upholds star QBs suspension for state championship game

Sam Backer, of Chatfield Senior High, won't be allowed to play in Friday's title game.

Screen Shot 2021-11-25 at 7.53.37 AM

Another 5,000 lbs. of goldfish removed from Carver County lakes

It all likely stemmed from people dumping their pets into local waters a few years ago.

Rosaleia Shelton

Appeal to find 19-year-old missing from Bloomington

The teen left her home on Monday afternoon.

hospital, emergency room

Deaths of twin fetuses after woman was shot ruled a double homicide

The woman was shot in the abdomen in mid-September.



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.


Ulta Beauty stores to open in 100 Targets in August, 16 of them in MN

It's the launch of a collaboration between the retailers.


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.

Target store inside

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

The Bullseye just announced another big jump in sales.