Behind Target’s ‘Winning Retail Formula’
Target Corp. was busy in 2023 – from opening 21 new stores across 10 states to renovating more than 160 of its existing locations nationwide. The company says it’s set an ambitious pace for 2024, and is sharing the winning strategy behind its latest brick-and-mortar enhancements.
According to a company blog post, Target built a dozen of its new large-format stores in 2023 in an effort to deliver a superior shopping experience through an open layout, expanded assortment and large backrooms to support same-day fulfillment services. Those locations are nearly 150,000 square feet, more than 20,000 square feet larger than the chain average, and also feature increased light, natural elements, localized design features and built-in sustainability.
In 2023, Target also opened nine smaller-format stores, including a 20,000-square-foot campus location at Auburn Toomer’s Corner in Alabama and a three-story, 92,000-square-foot store at Brooklyn Kings Plaza in New York. A localized mural at the Brooklyn Kings Plaza location features an homage to The Notorious B.I.G. and Aaliyah.
Additionally, Target entered four new markets in 2023, including Jamestown, N.Y.; Kill Devil Hills, N.C.; Quincy, Ill.; and Grass Valley, Calif. More than half of last year’s locations, meanwhile, were in either California or New York, including Target’s 100th store in the greater New York City area.
Beyond Target’s more than 160 remodels in 2023, the retailer also added 140 Ulta Beauty locations, 40 Apple Shops and 20 Disney Clubhouses to its footprint.
As for the future, Target says it is expanding its network of sortation centers to be able to deliver more next-day orders. The company is also testing new types of fulfillment facilities, like its Target Last Mile Delivery extension, which opened last year in Smyrna, Ga.
“New stores, new services, new capabilities — none of these are possible without Team Target,” the company said in its blog post. “Whether providing an amazing shopping experience, staffing our fulfillment services or supporting the supply chain, we truly deliver the goods. And with more new locations and investments planned for 2024, the best is yet to come.”
Minneapolis-based Target Corp. is No. 6 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America, with nearly 2,000 locations. PG also named the company one of its Retailers of the Century.
