US retailer Target Corp. plans to drive growth in the next five to ten years by opening new stores and new formats in domestic and international markets.
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In a statement released ahead of its investor meeting in Philadelphia today (21 January), Target said in the next three- to five-years it plans to open outlets outside the US.
The company revealed that it has identified Canada, Mexico and Latin America as the most promising markets for international expansion.
The group also said that it is working on the development of a smaller-format store to meet the needs of consumers in dense urban markets.
“We are excited about the growth potential for Target and believe we have the capital, talent and right blend of discipline and innovation to deliver meaningful value to our guests and shareholders,” Gregg Steinhafel, chairman, president and CEO, said.
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By GlobalData“As we approach each of these growth opportunities, Target will apply the same rigorous financial discipline that we have applied historically, ensuring a returns-based approach and the prudent use of capital,” he added.
