Target just wrapped up a bumper year for sales and will now look to build on that momentum in a big way.
The retailer will look to spend about $4B per year for the next several years expanding and upgrading its real estate portfolio, Fortune reported. That outlay is driven by Target’s sales growing by more than $15B in 2020, which is greater than the previous 11 years combined, according to the company’s year-end fiscal statement.
Every piece of Target’s physical footprint will be affected by its anticipated spending spree. After opening 29 of its urban, small-format stores in 2020, Target CEO Brian Cornell expects the company to open up to 40 annually in the short term and remodel 200 stores every year starting in 2022. Target operates nearly 1,900 stores as of the end of last year.
Click here to read the rest of the article written by Matthew Rothstein over at Bis Now
