Thursday, general merchandise and food discount stores operator Target Corp. (TGT) said that it would outline its growth opportunities for the next five to ten years during a meeting today with members of the financial community. The company plans to focus more on continued growth within existing stores and plans lesser expansion in 2010.
Minneapolis-based Target expects to invest about $1 billion in the renovation of about 340 existing stores in 2010, incorporating a variety of new merchandise initiatives through a substantial store remodel effort.
Target's plans include fewer than 10 additional locations in 2010, net of closings and relocations, with the opportunity to increase that number in 2011 and beyond. The company plans to focus on development of a smaller store format with an edited merchandise assortment, which meets the needs of guests in dense urban markets, and fits within the real estate constraints of the areas.
Target said that it also plans to focus on expansion outside the United States, with initial growth most likely in Canada, Mexico or Latin America beyond a 3- to 5-year horizon. The company noted that the exact number and pace of the new store openings beyond 2010 will depend on a number of factors, including the economic and real estate environment, as well as internal operational performance.
TGT is currently trading at $50.01, down $0.71 or 1.40% on a volume of 5.12 million shares on the NYSE.
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