Our durable business model is designed to stand the test of time and differentiate us in the marketplace. Over the years, we’ve built a foundation that serves our current and future guests, team members, vendors, communities and shareholders well — and delivers strong results — no matter how the environment around us evolves. It’s the framework that guides us as we live out Target’s purpose — to help all families discover the joy of everyday life. And at the heart of it all? Our team’s culture of caring, growing and winning together.
Our growth-focused enterprise strategy guides us as we create even more relevant shopping experiences, fulfill our purpose and drive business results. And it’s through our curated, multi-category assortment and outstanding value, along with our stores, digital experience, fulfillment services and loyalty ecosystem, that we bring all that joy to life.
Core elements of our strategy include:
Our strategy defines how we’ll continue to differentiate Target, and we’ll seek to enable growth through:
Our strategy continues to leverage stores as fulfillment hubs, with stores fulfilling more than 96% of total sales, providing convenience for our guests at a reduced fulfillment cost.
In 2024 and beyond, 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.
To do it, we’ll keep investing in priority areas that build our capabilities, enhance our shopping experiences and make Target even more relevant. That includes …
Evolving Target Circle to offer three new membership options that let guests choose how they want to shop and save.
Launching or expanding several owned brands to offer a wider range of options across categories, products and prices.
Planning to build more than 300 new stores over the next decade to reach new guests with an experience that's welcoming, convenient and fun no matter where, when or how they shop.
Enhancing most of our nearly 2,000 stores over the next decade, with projects ranging from full remodels to adding Ulta Beauty shop-in-shops, upgrading fixtures, supporting same-day services and more.
Enhancing our supply chain operations for increased efficiency, speed and capacity, including next-day delivery through sortation centers and using artificial intelligence to improve inventory efficiency and forecasting across our network.
As we enhance our shopping experience, we've doubled down on our enterprise efficiency efforts, which aim to simplify our operations and enhance our team and guest experience while fueling near- and long-term growth. We already achieved more than $500 million in cost savings in 2023, and our goal is to save a total of $2 billion to $3 billion through these efforts over the next few years.
Forward-Looking Statements: Statements on this page regarding Target’s future financial and operational performance, strategy for growth, planned investments in its business, enhancements in its loyalty program, enhancement of its supply chain operations, new store openings and remodels, potential benefits from its enterprise efficiency efforts, and its Target Forward strategy, 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 Target’s actual results to differ materially. The most important risks and uncertainties are described in Item 1A of Target’s most recent Form 10-K and, if applicable, any subsequent filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they were made, which, unless otherwise stated, was March 13, 2024, and Target does not undertake any obligation to update any forward-looking statement.
