The Minneapolis-based retailer Target Corp.is seeking to extend its growth push after closing out 2021 with record-high revenue.
Speaking at its annual investor meeting in New York, said its plans for the year include 30 new stores — ranging from urban locations like New York’s Times Square to midsize stores in the suburbs — and new several sortation centers.
For the full year, Target’s revenue hit $106 billion, compared with $77.1 billion for the year ended Feb. 1, 2020, before the pandemic upended the global economy and consumer buying patterns.
Target is also planning to remodel 200 retail locations during the year, and will add 250 more Ulta Beauty mini-shops in its stores, expanding on a partnership with the beauty retailer that opened 100 such shops in 2021.
The company also promised more investment in digital services and same-day fulfillment offerings. Target last month began a test in Minneapolis and other markets that added Starbucks orders and Target returns to its pickup lanes.
Target plans $4 billion to $5 billion in capital spending every year over the next few years, which would be an increase of more than 40% from last year.
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