Target Announces Strategic Plans to Drive More Than $15 Billion in Sales Growth by 2030

Core Strategy - Target Corporation aims to drive billions of dollars in profitable sales growth across its multi-channel business by 2030 through ongoing investments and strategic initiatives [1] - The company focuses on enhancing consumer traffic, improving speed and reliability, and accelerating digital capabilities to create a differentiated shopping experience [1][2] Product and Experience Enhancement - Target plans to offer more newness, quality, and relevance in its product assortment, particularly in core discretionary and frequency categories [2] - The retailer will blend physical, digital, and social commerce experiences to redefine omnichannel shopping [2][3] Category Innovations - A multi-year initiative starting in 2025 will focus on reinventing key product categories such as gaming, sports, and toys, enhancing in-store experiences [4] - Target will launch new collaborations with chefs and expand its owned brands, introducing 600 new food and beverage items and refreshing pet supplies [4] Technology and Digital Expansion - The company will innovate with AI-driven personalization and enhance its digital ecosystem, aiming to grow third-party digital sales from approximately $1 billion in 2024 to over$5 billion by 2030 [4][5] - Target plans to double the size of its in-house media company, Roundel, which generated over $2 billion in value last year [5] Supply Chain and Fulfillment - Investments will be made to improve supply chain and fulfillment capabilities, ensuring faster product delivery and enhanced reliability [3][6] - The company is modernizing its inventory management system with AI technology to improve efficiency and reduce out-of-stocks [8] Store Expansion and Remodeling - Target plans to open around 20 new stores and remodel many existing locations as part of a strategy to add over 300 stores in the next decade [8] - The stores will serve as hubs for efficient fulfillment operations and support digital growth [8] Loyalty Program and Customer Engagement - The Target Circle loyalty program saw over 13 million members in 2024, with plans to triple its membership base through new perks and partnerships [8] - The retailer aims to enhance same-day services, which were the fastest-growing shopping mode in 2024, by improving awareness and convenience [8]