Target Aiming For $15B in Additional Sales By 2030

Target (TGT) is moving forward with a bold expansion strategy to ensure sustained growth and customer loyalty over the next decade, even as the retailer remains cautious about short-term expectations.

Fully Focused on Growth

At its financial community meeting in Minneapolis, the retailer unveiled its roadmap for the future, outlining several initiatives designed to accelerate performance and expand its offerings, as reported by Progressive Grocer.

Despite acknowledging market challenges, Target remains optimistic about its ability to navigate changing consumer preferences. CFO Jim Lee emphasized the company’s cautious outlook for 2025 while reaffirming its commitment to growth through key investments.

Among its priorities, Target is focused on affordable, ‘on-trend’ assortments, strengthening omnichannel shopping options, enhancing supply chain capabilities, expanding the Target Circle membership, and fostering strategic partnerships.

The retailer is targeting more than $15B in sales growth by 2030, focusing on product lines that show long-term potential, particularly groceries.

Expanding Product Lines

In addition to chef collaborations, Target is expanding its product assortment across multiple categories:

• Target plans to launch 600 new food and beverage items under the Good & Gather and Favorite Day store brands, further enriching its grocery offerings.
• The retailer is enhancing its beauty category with 2K new products, 90% of which will be priced under $20.
• Target is rolling out a new series of chef-driven collaborations under its Good & Gather brand. The first partnership is with Chef Ann Kim, a James Beard Award-winning chef from Target’s hometown of Minneapolis. This collab will introduce seven Korean-inspired frozen pizzas and appetizers, priced between $6.49 and $7.49, to elevate the brand’s private-label offerings.

Omnichannel Innovations

To ensure these new offerings reach customers effectively, Target is investing heavily in omnichannel capabilities.

The company aims to improve its digital and in-store experiences by focusing on search optimization, social media engagement, and data-driven personalization, partly powered by AI. This includes refining the customer journey through personalized recommendations and targeted marketing.

Target is also enhancing its physical stores and internal infrastructure. Over the next decade, the retailer plans to open more than 300 new stores, with 20 already slated for 2025. In addition, several existing stores will undergo remodeling in the next year to improve the in-store shopping experience. 

To support these efforts, Target is also modernizing its core inventory management system with AI and optimizing delivery solutions using its Shipt capability and existing supply chain assets.

Repositioning For Success

Brian Cornell, Target’s CEO, emphasized the company’s strategy is all about “creating today’s Tarzhay,” offering everyday discovery and delight for consumers.

With an emphasis on affordability, innovation, and seamless shopping experiences, Target is positioning itself to remain a consumer favorite for years to come.

Despite market headwinds, Target’s combo of strategic investments, new product offerings, and enhancements to both online and in-store shopping experiences could drive meaningful growth and strengthen its market position.