Target Solidifies Store Base
As part of its efforts to expand the store base, Target Corporation (TGT), the operator of general merchandise and food discount stores in the United States announced plans to open yet another store in Spokane, Wash.
The company is strengthening its position in regions where it enjoys a stronghold. The new 135,000 square feet store will be Target’s third in the region and is slated to open in July 2014. Moreover, it would hire around 200 employees.
The expansion of its store base facilitates the company to effectively penetrate into its desired markets and gain a competitive advantage over its peers.
Alongside, Target plans to sustain its remodeling program at existing general merchandise locations by the addition of an expanded food section along with a greater assortment of dry dairy and frozen items, improved store layout and enhancement of in-store shopping experience across departments such as apparel, home, beauty, shoes and baby.
Further, the company is seeking promising expansion opportunities in international markets such as Canada and Latin America and has introduced smaller-format stores called CityTarget, similar to that of its biggest rival, Wal-Mart Stores Inc. (WMT).
Target also announced its year-round price matching policy with the aim of offering its patrons the facility to match the prices being offered by online retail giants.
The company will match prices with Amazon.com Inc.’s (AMZN) Amazon.com, Wal-Mart’s Walmart.com, Best Buy Co. Inc.’s (BBY) BestBuy.com, and Toysrus.com. Target believes that its price matching policy coupled with the REDcard reward program would provide it an edge over its competitors.
Currently, this Zacks Rank #4 (Sell) company operates through 1,832 stores.
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