- The Target Circle loyalty program will evolve to offer three
new membership options, including a free-to-join option, that let
guests choose how they want to shop and save
- Target owned brand launches and
expansions planned in 2024 will offer newness,
innovation and value
- Plans for hundreds of new stores and investments in most of
Target's nearly 2,000 stores over the next decade will bring
millions of consumers an enhanced guest experience
MINNEAPOLIS, March 5,
2024 /PRNewswire/ -- Target Corporation (NYSE:
TGT) today announced plans to invest in its guest experience and
long-term growth with a focus on:
- Building on the success of its industry-leading Target Circle
membership program with an even easier and more personalized
shopping experience centered on value, relevance and ease.
- Innovating to grow its more-than-$30-billion owned brand portfolio with new and
on-trend items, quality and value.
- Investing to build new stores and enhance existing locations to
reach new guests and offer extra convenience.
"For years, Target has consistently built for the long-term,
investing in the assets, capabilities and team that have
differentiated our business, enabled us to deliver for guests in
any environment and driven strong growth," said Brian Cornell, chair and chief executive
officer, Target. "Today, with that same long-term view, we're
making strategic investments that expand on our core strengths,
further elevate our guest experience and deepen our connection to
both current and new guests. Most importantly, these plans provide
fuel for our next era of growth."
New Target Circle
On April 7, Target will
reintroduce its loyalty membership program, Target Circle, with a
suite of memberships that build on each other, including the
continuation of a free-to-join membership, retail payment card
options and a new paid membership. Target Circle is already one of
retail's largest loyalty programs with more than 100 million
members saving millions of dollars each year. The changes reflect
Target Circle members' desire for an even easier and more
personalized shopping and saving experience.
Membership options include:
- Target Circle – Target will continue offering its
popular free-to-join membership with personalized deals,
member-exclusive sales throughout the year and additional perks and
savings. Based on guest feedback, deals will now be applied
automatically at checkout — no more having to search for or add
individual offers — so members are confident they're getting the
best value every time they shop. They also can earn Target Circle
Rewards and take advantage of personalized deals through Target
Circle Bonuses.
- Target Circle Card – To save even more, consumers
can apply for a Target Circle Card1 (previously
known as Target RedCard) for an extra 5%2 off every
day, as well as extra time to return items2 and
free two-day shipping3 on hundreds of thousands of
items on Target.com.
- Target Circle 360 – Consumers also can
sign up for Target Circle 360, a new paid membership that includes
unlimited free same-day delivery for orders over $35 in as little as an hour with no delivery fees
or markups, free two-day shipping3, access to preferred
shoppers who can personalize their experience and access to Shipt
Marketplace, which offers same-day delivery from more than 100
retailers nationwide.
New benefits like exclusive partnerships and experiences,
product offers and more will be added to Target Circle over
time.
New and expanded Target brands
In 2024, Target plans to launch and expand several owned brands
to offer a wider range of options across categories, products and
prices, including:
- dealworthy – The new brand is designed to give
consumers great value on nearly 400 everyday basics across apparel
and accessories, beauty and essentials, electronics and home,
starting under $1 with most items
under $10.
- up&up – Target relaunched its largest and most
expansive essentials brand with new formulations, branding and
packaging, plus hundreds of new everyday items in personal care,
health, pet care, storage and more to round out the essentials
assortment.
- Gigglescape – The new toy brand sparks joy and
imagination for kids and parents with an assortment of plush,
books, toys, games and more rolling out in 2024 and
beyond.
Target owned brands provide a combination of quality,
style, performance and value, and drove more than $30 billion in sales in 2023.
Continued stores and supply chain investments
Target will continue investing in its stores-as-hubs model
during the next decade with plans to:
- Build more than 300 new stores to reach new
guests with a shopping experience that's welcoming, convenient
and fun, whether they're shopping the aisles or using same-day
services.
- Invest to enhance the vast majority of its nearly 2,000
stores, with projects ranging from full remodels to adding Ulta
Beauty locations, upgrading fixtures, supporting same-day services
and more.
- Continue enhancing supply chain operations for
increased efficiency, speed and capacity, including next-day
delivery through sortation centers, and using artificial
intelligence to drive improved inventory efficiency and forecasting
across its network.
To stay updated on Target's strategy and initiatives, visit
corporate.target.com.
Miscellaneous
Statements in this release regarding the company's future
financial performance, planned investments in its business,
enhancements to its loyalty program, expansion of its owned brand
portfolio, new store openings and remodels, and enhancement of its
supply chain operations are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are subject to risks and uncertainties which could
cause the company's results to differ materially. The most
important risks and uncertainties are described in Item 1A of the
company's Form 10-K for the fiscal year ended January 28, 2023. Forward-looking statements
speak only as of the date they are made, and the company does not
undertake any obligation to update any forward-looking
statement.
About Target
Minneapolis-based Target Corporation (NYSE:
TGT) serves guests at nearly 2,000 stores and at Target.com, with
the purpose of helping all families discover the joy of everyday
life. Since 1946, Target has given 5% of its profit to communities,
which today equals millions of dollars a week. Additional company
information can be found by visiting the corporate website and
press center.
1 Target Circle™ Card: Target Debit Card, Target
Credit Card, Target™ Mastercard®, and Target Circle Card Account
(Target Circle Card Reloadable Account). Subject to application
approval and identity verification. The Target Circle debit card is
issued by Target Corporation. The Target Circle credit cards
(Target Credit Card and Target Mastercard) are issued by TD Bank
USA, N.A. Mastercard is a
registered trademark of Mastercard International, Inc. Target
Circle Card Account is a demand deposit account established by
Pathward®, N.A., Member FDIC, and card is issued by Pathward
pursuant to a license from Visa U.S.A. Inc. Card can be used everywhere Visa
debit cards are accepted. Funds are FDIC insured, subject to
applicable limitations and restrictions, when we receive the funds
deposited to your account.
2 Restrictions apply. Subject to application approval
and identity verification. See Target.com/circleannounce for
program rules and details.
3 2-Day Shipping: When you pay with your Target
Circle Card (debit, credit, and reloadable) or are a Target Circle
360 member get free 2day shipping on hundreds of thousands of
items. Eligible items will be noted on the product detail page, in
cart & at check out. See Target.com/2dayshipping for
details.
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SOURCE Target Corporation