Target announces major retail expansion with 20 new store openings this year
- Target intends to open 20 new locations this year in six states, including California and New York.
- CEO Brian Cornell detailed these plans during a March 2024 earnings call, highlighting the need for long-term growth.
- This expansion is part of Target's strategy to achieve $15 billion in sales growth by 2030.
In 2024, Target Corporation, a leading retail company based in the U.S., announced a significant expansion plan involving the opening of 20 new stores throughout the year. This strategic initiative is part of a broader goal to achieve $15 billion in sales growth by the year 2030. Locations for the new stores will include several key states such as California, New York, Connecticut, Florida, New Jersey, and Pennsylvania. The expansion is set to bolster Target's store presence and respond to market demands in these regions. As of July 2025, Target has already successfully opened four stores since the beginning of the year. They plan to continue this growth momentum with at least eight additional openings scheduled through August, followed by nine more at the end of the fall season. These endeavors are part of Target’s ten-year plan, which aims to establish 300 new stores while also remodeling existing ones to optimize performance. During a recent earnings call in March 2024, Target CEO Brian Cornell discussed the company’s store growth and the intentions behind it. The plan aims to drive billions of dollars in incremental revenue while enhancing the shopping experience for customers. Furthermore, the company aims to increase its supply chain capabilities and digital offerings in conjunction with these new openings. Approximately 10 additional supply chain facilities are anticipated to be operational within the next decade, further supporting Target's retail operations. Beyond store openings, Target is actively enhancing its product assortment and digital marketplace to keep pace with evolving consumer shopping habits. Their initiative, dubbed the Enterprise Acceleration Office, is designed to foster a more agile and responsive retail operation, focusing on adaptability, innovation, and resilience amid a competitive landscape. Despite some setbacks forecasted for the fiscal year 2025, including a low-single-digit decline in sales, Target's commitment to expansion and transformation remains steadfast and signals a positive outlook for its long-term growth plan.