Target focus shifts to remodeling stores to new format

Will develop urban format, expand internationally

-- Home Textiles Today, 1/21/2010 8:32:00 AM

Minneapolis – Target will focus on renovations this year and longer-term expansion in urban U.S. locations and outside the country. Instead of opening its usual 60 stores in 2010, it will open only 10 on a net basis.

In the next three to five years, Target plans to open stores in Canada, Mexico or Latin America. In addition, it will test a smaller store format in dense U.S. urban markets.

This year, it will spend about $1 billion to revamp 340 existing stores, expanding grocery offerings in general merchandise formats and enchancing the home, beauty, electronics and video game departments.

“We are excited about the growth potential for Target and believe we have the capital, talent, and right blend of discipline and innovation to deliver meaningful value to our guests and shareholders,” said Gregg Steinhafel, chairman, president and chief executive officer of Target.