Target Corporation (TGT - Analyst Report) - the operator of general merchandise and food discount stores in the United States, announced the opening of its new store in East Kendall, Fla.
The new 173,000 square feet store is slated to open in Oct 2013 and would hire 200-250 employees. Presently, Target has 18 new store openings lined up for 2013.
The move reinforces the company’s strategic initiative to consolidate its position in regions where it generates strong sales. Moreover, the expansion of its store base will facilitate it to effectively penetrate into its target markets and gain a competitive advantage over its peers.
Alongside, Target is seeking promising expansion opportunities in international markets such as Canada and Latin America and introduced smaller-format stores called CityTarget, similar to that of its biggest rival, Wal-Mart Stores Inc. (WMT - Analyst Report). The company is scheduled to open its first store in Canada in 2013.
Target is also focusing on store renovations and improving store sales productivity. The company plans to sustain its remodeling program at existing general merchandise locations, which include an expanded grocery offering, improved store layout and enhancement of in-store shopping experience across departments, such as apparel, home, beauty, shoes, and baby.
Moreover, Target announced its year-round price matching policy with the aim of offering its patrons the facility to match the prices being offered by online retail giants. The company will match prices with Amazon.com Inc.’s (AMZN - Analyst Report) Amazon.com, Wal-Mart’s Walmart.com, Best Buy Co. Inc.’s (BBY - Analyst Report) BestBuy.com, and Toysrus.com. Target believes that its price matching policy coupled with the REDcard reward program would provide it an edge over its competitors.
Currently, this Zacks Rank #3 (Hold) company operates through 1,778 stores in the U.S.