Target to invest up to $5 billion to fuel more growth
Target will invest up to $5 billion this year in physical stores, new brands and expanding its online fulfilment as the discounter continues to drive sales growth and differentiate itself from rivals.
Target announced the moves at its annual investor meeting Tuesday. They come as Target pushed through headwinds ranging from inflation to congested ports to deliver solid results for the three-month period that included the crucial holiday shopping season.
Fourth-quarter profit rose nearly 12%, while sales increased 9.4%. The Minneapolis retailer also released an upbeat revenue outlook for 2022.
Target is planning an expansion to its Duluth store to increase its grocery line and add a new adult beverage department, according to an application submitted to the city last fall. Construction is expected to begin this spring.