Target plans to invest as much as $5 billion this year expanding services for customers, including a drive up service for returns, renovations at 175 stores and improvements in online shopping.
to cool spending, and the economy. Those efforts make using credit cards more expensive, which can negatively impact retailers.
For the full year, Target expects comparable sales — those from stores open at least a year and online channels — will range from a low single-digit decline to a low single-digit increase. Cornell noted that the company entered the year in a “very healthy inventory position,” reflecting its conservative approach in discretionary items. Inventory in categories like fashion was roughly 13% lower in the fourth quarter than a year ago.
But even as Target projects lower sales, the retailer is pushing ahead to accelerate its e-commerce strategy. It announced last week that it will spend $100 million to develop a larger network of package sorting centers that cut the cost of delivering online orders while increasing the speed of delivery.
Target also aims to launch or expand more than 10 owned brands. In addition, the retailer will appeal to price sensitive shoppers with more items starting at $3, $5, $10 and $15.
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