Fresh on the heels of unveiling its new growth strategy, Target is set to cross a key retail milestone.
The company said Thursday it will open its 2,000th store later this month in Fuquay-Varina, a suburb of Raleigh, North Carolina.
“Every time we open a new Target store, we’re planting roots in that community,” chief stores officer Adrienne Costanzo said in a statement.
The 148,000 square-foot location is the first of 30 new Target stores planned for this year, and the company has a goal of 300 new locations by 2035.
By comparison, Walmart currently has more than 4,600 stores and over 600 Sam’s Club warehouses in the US. Costco has 634 US locations and another 290 internationally.
In addition to new stores, Target says it will renovate some 130 existing locations this year as part of a $5 billion capital budget that is $1 billion larger than last year.
Physical stores have always been central to Target’s retail strategy, and CEO Michael Fiddelke is doubling down on improving the shopping experience in hopes of reversing a trend of declining sales.
Target says the newest batch of stores will feature several hallmarks of Fiddelke’s turnaround strategy, including a bigger emphasis on groceries, curated experiences, and digital order fulfillment.
Also opening in March will be new Target stores in Bakersfield and Delano, California; Springfield, Missouri; Jersey City and West Orange, New Jersey; and Dallas.
“Even more neighborhoods will get the full Target experience: trend-forward style and value, technology that makes the trip effortless, and awesome teams who deliver easy, inspiring, and friendly moments,” Costanzo said.
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