- Target plans to open 20 new stores in 2025 as part of a strategy to add $15 billion in profitable growth by 2030.
- The company aims to open 300 stores over the next decade while investing in supply chains, technology, and remodeling existing locations.
- Despite expansion plans, Target projects a sales decline for 2025, revising its earnings forecast lower.
Target is doubling down on growth despite a challenging retail environment, announcing plans to open 20 new stores this year as part of a strategy to drive $15 billion in profitable sales growth by 2030.
The Minneapolis-based retailer said it will launch at least eight locations in California, Connecticut, Florida, New Jersey, New York, and Pennsylvania by August, with nine more stores slated to open later in the fall. Four stores have already opened in 2025. These openings support Target’s broader plan to open 300 new stores over the next decade while remodeling existing locations.
“These will be mostly full-size stores, helping the company generate billions of dollars in incremental growth,” CEO Brian Cornell said during a March 2024 earnings call. He also outlined additional investments in supply chain and technology, with at least 10 new distribution centers planned over the next ten years.
Target is also making moves to strengthen its digital marketplace, expand product offerings, and improve its omnichannel experience. The company recently launched its Enterprise Acceleration Office, a multi-year growth initiative led by COO Michael Fiddelke, aimed at increasing speed, adaptability, and innovation.
However, the retail giant faces headwinds. Target projects a low-single-digit decline in sales for fiscal 2025, revising its previous forecast of modest growth. Adjusted earnings per share are expected to range between $7 and $9, down from earlier projections of $8.80 to $9.80.
Despite softer sales expectations, Target is betting big on expansion to secure long-term dominance in a highly competitive retail market.