Target is reportedly to drive growth over the next five to 10 years by investing US$1bn in the remodelling of 340 stores, the opening of 10 new outlets in the US, the development of a smaller urban store format and international expansion.
The remodelling, designed to boost same-store sales, will include more grocery selections and changes in layout and new merchandise, according to a report by Dow Jones.
The number and pace of new store openings beyond this year will depend on factors such as the state of the economy and real estate, the report said, as well as internal operational performance.
As for the urban format, Target said it hopes to test the concept during the next few years.
The retailer added that its international push would most take place in Canada, Mexico or Latin America no earlier than 2013.
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