Retailer Target Says It Will Open 300 Brick-and-Mortar Stores Over the Next Decade

Following the release of better-than-expected fourth quarter results, Target Corp. says it plans to build more than 300 stores over the next 10 years. In addition, the company says it will invest in and enhance the majority of its nearly 2,000 existing locations.

Speaking at the recent 2024 Financial Community Meeting, Target Chairman and CEO Brain Cornell said at least two-thirds of Target shopping is currently still done in physical stores. "If you think store shopping will wind down any time in the decade, we’ll politely disagree – again,” he said.

Cornell also said he expects Target's total revenue during the next decade will grow by an average rate of roughly 4% per year. “If we attain that goal, our business will add more than $50 billion of revenue on top of the $107 billion we delivered in 2023," he noted.

In addition, Target will continue to enhance its supply chain operations for increased efficiency, speed and capacity through sortation centers and the use of artificial intelligence to drive improved inventory efficiency and forecasting across its network, reported Chain Store Age.