Target Corp. will invest up to $5bn to continue scaling its physical, digital, fulfilment and supply chain operations in 2022.
The discounter plans to open approximately 30 stores, ranging from mid-size locations in dense suburban areas to small-format stores in city centres such as Charleston, South Carolina, and New York City’s Times Square. This flexibility enables Target to open stores of any size to meet community needs.
In addition to new stores, Target will build on the company’s remodel program with 200 top-to-bottom renovations of its existing fleet. (The remodel program has reached more than half the chain since the initiative started in 2017.)
The investments include modern design elements such as brighter lighting and elevated merchandise displays along with enhanced hold space and pickup areas for online fulfilment. On top of the full-store remodels, Target will complete hundreds of smaller projects across the chain to support the growth of its fulfilment services and expanding in-store brand partnerships.
Target revealed its 2022 investment plans the same day it released its fourth-quarter and full-year results. The chain notched its 19th straight quarter of comparable sales increases, with an 8.9 per cent increase in the fourth quarter. During the full fiscal year, comps grew 12.7 per cent, adding to the previous year’s growth of 19.3 per cent, on a comparable traffic rise of 12.3 per cent.
