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

Target is reaping the benefits since launching Target Circle.

Amid another set of impressive financial results, Target has revealed the initial success of the new loyalty program it launched this fall.

Target Circle went live in October, giving all members 1 percent cashback at the till and early access to sales including its Black Friday deals.

Unlike the RedCard, Target Circle doesn't require customers to sign up for a credit or debit card, all they need to do is provide a few personal details, before having their Target app scanned at the till or provide a phone number.

Those shoppers who have a, Cartwheel or Target RedCard account were automatically enrolled in Target Circle.

As it released its 3rd Quarter results on Wednesday, Target revealed that it now has 35 million Target Circle members following its launch last month, though many of those are likely to be those who had, Cartwheel or RedCard accounts, who were automatically enrolled.

Nonetheless, the retailer's gambit is paying off, with the company saying that those who have signed up are more likely to shop more often at Target, as well as spending 2-5 percent more, easily outstripping the 1 percent cashback offer.

Target is entering the busy holiday season in an incredibly strong position, after smashing analyst expectations as it posted 4.5 percent growth in same-store sales in the 3rd Quarter, while revenue hit $18.67 billion, compared to $17.8 billion last year.

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It's proving a retail success even as other retailers, such as JC Penney and Kohl's, have recently posted poor results.

"Our third quarter results are further proof of the durability of our strategy, as we’re seeing industry-leading strength across multiple metrics, from the top line to the bottom line," said Target CEO Brian Cornell.

"Looking ahead, we have ushered in the holiday season with an unwavering commitment to guest service that complements our highly differentiated, value-driven assortment, our exceptional in-store shopping experience as well as an unmatched suite of easy and convenient fulfillment options."

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