Target Unveils Exciting New Store Openings and Remodels

Estimated read time: 4 minutes and 31 seconds

ON TARGET EARNINGS

Target Corp. sets ambitious pace, revealing 2023 new store openings and remodels (Read More)

New Store Openings:

• Expansion in California and New York: Target opened 21 new stores across 10 states in 2023, with nearly half of the openings in California and New York.

• New Markets: Four new markets for Target include Jamestown, N.Y., Kill Devil Hills, N.C., Quincy, Ill., and Grass Valley, Calif.

• Larger Format Stores: Twelve stores feature Target's larger format, averaging 125,000 square feet, offering an open layout, expanded assortment, and same-day fulfillment services support.

• Bigger Stores: Stores in Prosper and New Caney, Tex., and Yonkers, N.Y., are even bigger at an average of 135,000 square feet.

• Local Touches: Target's new Brooklyn store includes a mural of famous natives, The Notorious B.I.G. and Aaliyah.

• Smaller-Format Concept: Target opened nine smaller-format stores in 2023, catering to dense city centers and college campuses.

Remodels:

Target remodeled over 160 existing stores nationwide in 2023, enhancing services such as drive-up and order pickup, fitting rooms, and employee spaces. Some stores also added full grocery departments.

In-Store Shops:

• Expanded Partnerships: Target refreshed over 80 in-store Starbucks Cafes, opened 40 Apple shops, 140 Ultra Beauty locations, and 20 Disney Clubhouses in 2023.

Commitment to Sustainability:

Target continues to add sustainable features to its stores, including natural refrigerants, electric vehicle charging stations, and rooftop solar panels, aligning with its goal of achieving net-zero emissions by 2040.

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NET LEASE NUGGIES

• Walmart closes down its in-house tech incubator, Store No. 8. After opening in 2017 with a focus on finding innovative solutions for business operations, Walmart recently announced the discontinuation of Store No. 8. The impact on both Walmart and the retail industry remains uncertain. However, Walmart's CFO revealed that the innovations from Store No. 8 are now integrated throughout the company. It remains to be seen if other Tier I retailers will follow suit as tech innovation becomes integral to their operations. (Read More)

• New Spicy Chicken Concept Emerges - Craveworthy Brands introduces The Budlong, a spicy concept combining Nashville hot chicken and southern fried chicken. The CEO, Gregg Majewski, emphasizes the brand's pride in hand-battering and frying chicken to order. The Budlong also celebrates its association with the Budlong family, known for their pickle factory in Tennessee. While facing competition in the chicken category, the brand aims to help franchisees navigate economic shifts and stay on top of marketing trends. (Read More)

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