Target Updates on Strategic Initiatives for 2020

Published on: 05 Mar, 2020

Target Corporation (NYSE: TGT) has released financial results and an update on several key strategies for 2020.  In regards to fresh grocery and adult beverages to its drive up and order pickup services, the company plans to utilize these remodeled programs and retailers to alter its supply chain.  “Target is winning in the marketplace because of our differentiated investment strategy, durable financial model and our team’s incredible work in reinventing the Target run to deliver a shopping experience like nothing else in retail,” said Brian Cornell, Chairman and CEO of Target. “As we look to 2020, we’ll continue to elevate our popular same-day services and expand our ambitious small-format and remodel programs to create an even easier and more convenient experience that inspires our millions of guests to keep shopping Target in new and different ways.”

Target reported over 500% sales growth of Drive Up as Order Pickup sales growth increased nearly 50%.  Guests will be equipped to order grocery items such as eggs, milk, bananas, etc. and have these items delivered directly to their vehicles or ready to pickup at a Target store.  Testing will initiate in Minneapolis-area stores in the spring and are expected to expand the service to almost half of the Target stores in time for the holiday season.

Target’s plans to complete over 1,000 store remodels nationwide by the end of the year is on track as the company has remodeled 300 stores this year, to date.

Target serves guests at more than 1,800 stores and at Target.com. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week.

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Bryan Shin

Email: Bryan@financialinsiders.com

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