VA: Target Corp. to Invest $50M for Expansion in Suffolk, Hiring Hundreds
1 May, 2015
Governor Terry McAuliffe announced Target Corporation will invest approximately $50 million to expand its distribution operation in the City of Suffolk, creating hundreds of new jobs.
“I am thrilled to announce Target Corporation’s significant investment in the City of Suffolk,” said Governor McAuliffe. “Helping our existing businesses grow and create new jobs is critical as we work to build a new Virginia economy. Target’s expansion is a testament to the Commonwealth’s assets, including a strong workforce, pro-business climate, and access to global markets via the Port of Virginia.”
“The growth and enhancement of Target’s distribution operation in the City of Suffolk highlights the Commonwealth’s competitive advantage as a logistics and distribution hub for major corporate citizens,” said Secretary of Commerce and Trade Maurice Jones. “This expansion enhances Virginia’s strength in this key strategic sector and demonstrates what can be accomplished here in the Commonwealth.”
Minneapolis-based Target Corporation serves guests at 1,795 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, equaling more than $4 million a week.
“Virginia has always been an important market for Target,” said Keri Jones, Target’s executive vice president of global supply chain and operations. “A strong local workforce and close proximity to the nearby port make the Suffolk distribution facility ideal for expansion. We look forward to serving guests across the East Coast from this enhanced facility.”
The Virginia Economic Development Partnership worked with the City of Suffolk to secure the project for Virginia. The Hampton Roads Economic Development Alliance also provided valuable assistance. The company will receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program. Additional funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
“The Target Corporation has been an active community partner since the facility originally opened in 2003. We don’t just see Target as a major employer in Suffolk, but as an ally and stakeholder in our City’s future,” said Suffolk Mayor Linda T. Johnson. “Target’s decision to invest $50 million and hire hundreds of new positions at the Suffolk facility is outstanding news and a testament to Suffolk’s workforce, strategic location and operational advantages.”
“The Port of Virginia has had a long-standing and important relationship with Target, and we applaud the decision to expand its presence in Suffolk and the benefits it will bring to the Commonwealth,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority. “The climate in Virginia is right for companies to invest, or reinvest, and prepare for the next growth phase. We look forward to continuing to serve as one of Target’s global gateways.”
“This announcement and Target's investment in Suffolk and the Commonwealth will provide hundreds of new jobs for Virginians,” said Delegate S. Chris Jones (Suffolk). “Target is a good corporate citizen that makes valuable contributions to the communities it serves. This investment is a great example of that. The General Assembly continues to make economic development a top priority, and it's clear that those investments are paying dividends for our Commonwealth and its people."
Since the beginning of the McAuliffe administration, 365 economic development deals have been closed in Virginia with more than $6.6 billion in capital investment, more than twice the amount of capital investment brought to the Commonwealth in any Governor's first 15 months in office.