Posted 3/5/2024, 4:52:00 PM
Target Launches New Membership Program and Expansion Plans to Rebound from 2022 Sales Slump
- Target launches new $99/year Target Circle 360 membership program with free same-day delivery and other benefits to drive sales amid consumer caution
- Program launches after Target reports first annual sales decline in 7 years in 2022
- Target plans to open 300+ new stores in next decade, refresh existing stores, and expand private label brands
- Company posted 58% jump in Q4 profits that beat expectations, but sales fell due to high inflation and interest rates
- Target shares rose over 12% on news of membership program, store expansion plans, and Q4 financials beating projections