Target Tabs $1B for Store Makeovers, Smaller-Footprint Stores

Senior executives from 1,744-store Target Corp. were in Philadelphia yesterday to provide further details to the financial community about the plans it envisions for the next decade, particularly its intention to spend approximately $1 billion to remodel about 340 stores this year as the first step in the process.

In addition to its store makeover plans, which call for expanding the grocery offerings at its general merchandise stores and enhanced store layouts in such departments as beauty, home, electronics and video games, the Minneapolis-based retailer said it plans to develop a smaller store format for urban markets and expand into international markets within the next three to five years.

With just 10 new store locations on deck for 2010, Target said the future pace of store openings for coming years will depend on a number of factors, including the company’s financial performance, economic and real estate conditions.

Tests for a smaller-format, edited-assortment urban market footprint are slated to begin within the next few years.
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