Target Aims For Over $15 Bln In Sales Growth By 2030 Through Strategic Investments

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(RTTNews) - At its financial community meeting today, Target Corp. (TGT) announced its plans to achieve more than $15 billion in sales growth by 2030 through ongoing investments in its multi-channel business.

The strategic plans include expanding on-trend and affordable assortments, reinforcing Target as a discovery destination by blending physical, digital, and social commerce, and investing in supply chain and fulfillment capabilities to enhance ease, reliability, and speed. The company also aims to reward guests through Target Circle benefits.

Target plans to dramatically expand the size of its Target Plus marketplace. It aims to grow those third-party digital sales from approximately $1 billion in 2024 to more than $5 billion in 2030, adding hundreds of new brands like Peloton, Daily Harvest and Honest Baby Clothing to attract guests and expand offerings. It also plans to double the size of its in-house media company Roundel by 2030, which drove more than $2 billion in value last year.

Target plans to offer more newness, quality, and relevance across its product assortment. This includes launching new series and collaborations, such as Good & Gather Collabs with celebrated chefs, expanding brand partnerships with companies like Champion and Disney, and reducing lead times in apparel to quickly add new styles. Additionally, Target will introduce over 45 new beauty brands and 2,000 new items.

Target continues to invest significantly to enhance the digital experience and redefine omnichannel shopping by further blending its one-of-a-kind social, digital, and in-store experiences. Future plans include enhancing search, social, and AI-driven personalization for better product recommendations.

The retailer will also invest across its stores and supply chain network to reach more consumers and get products to them faster, while rewarding guests for choosing Target. Plans include opening 20 new stores in 2025 and remodeling many more, modernizing inventory management with AI-powered technology, and implementing new package delivery solutions to improve delivery speed.

Target aims to triple the Target Circle 360 membership base over the next three years by introducing new perks and partnerships, such as with Marriott Bonvoy. The retailer also plans to enhance same-day services for faster and more convenient shopping experiences.