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Target (TGT) Gears Up for Holiday Season, Unveils Hiring Plan

Zacks Equity Research

With the holiday season approaching, Target Corporation TGT is gearing up for the busiest time of the year. The company intends to appoint more than 130,000 seasonal workers to provide a great shopping experience to customers. This comprises around 125,000 associates for more than 1,800 stores and approximately 8,000 employees for distribution and fulfillment centers. In the last festive period, the company had hired roughly 120,000 associates.

The company will host two rounds of hiring events at all Target stores. The first round will be organized from Oct 11 to Oct 13 and the second round from Nov 2 to Nov 3. All the workers employed will get a minimum hourly wage of $13. Apart from this, seasonal employees will get other perquisites like 10% discount at stores and on Target.com, and an additional 20% merchandise wellness discount for fruits and vegetables.

Also, the company plans to invest $2 million in a holiday team member appreciation program to bring additional happiness for team members and the local communities. Target’s holiday season plan is to make it competitive against

Recently, the company planned to roll out a new loyalty program — Target Circle — nationwide on Oct 6, 2019. Courtesy of this program, customers can avail more convenient and customized shopping experience in the upcoming holiday season. The program also comes with a zero-membership fee.

Holiday season is a crucial time for retailers as it accounts for a sizeable chunk of yearly revenues and profits. Retailers try to attract customers with early-hour store openings, huge discounts and promotional strategies. Clearly, gradual wage acceleration, steady job growth and improving consumer sentiment are working in favor of the sector, and in turn Target.

Additionally, the company is rapidly acclimatizing with the changing retail ecosystem and deploying resources to enhance omni-channel capacities, introduce brands, remodel stores as well as expand same-day delivery options. The company is leaving no stone unturned to keep pace with the likes of Walmart WMT, Dollar General DG and Costco COST.

We note that shares of this Zacks Rank #2 (Buy) company have rallied 23.3% in the past three months compared with the industry’s rise of 14.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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