Target planning lots of new stores, brand launches

It's going to be a busy 2024 for Target as the retailer plans to deliver an "enhanced shopping experience."

In addition to evolving its loyalty program, Target is planning Target-owned brand launches and "hundreds of new stores," according to a press release.

Investments in most of Target's nearly 2,000 stores in the next decades will delivery a better guest experience.

"For years, Target has consistently built for the long-term, investing in the assets, capabilities and team that have differentiated our business, enabled us to deliver for guests in any environment and driven strong growth," Brian Cornell, chair and CEO, said in the release. "Today, with that same long-term view, we're making strategic investments that expand on our core strengths, further elevate our guest experience and deepen our connection to both current and new guests. Most importantly, these plans provide fuel for our next era of growth."

In 2024, Target plans to launch and expand several owned brands including:

• dealworthy – The new brand is designed to give consumers great value on nearly 400 everyday basics across apparel and accessories, beauty and essentials, electronics and home, starting under $1 with most items under $10.
• up&up – Target relaunched its largest and most expansive essentials brand with new formulations, branding and packaging, plus hundreds of new everyday items in personal care, health, pet care, storage and more to round out the essentials assortment.
• Gigglescape – The new toy brand offers an assortment of plush, books, toys, games and more rolling out in 2024 and beyond.

Target will continue investing in its stores-as-hubs model during the next decade with plans to:

• Build more than 300 stores.
• Invest to enhance the vast majority of its nearly 2,000 stores, with projects ranging from full remodels to adding Ulta Beauty locations, upgrading fixtures, supporting same-day services and more.
• Continue enhancing supply chain operations for increased efficiency, speed and capacity, including next-day delivery through sortation centers, and using artificial intelligence to drive improved inventory efficiency and forecasting across its network.