Target to invest up to $5B to fuel more growth

Minnesota-based Target will invest up to $5 billion this year in physical stores, new brands and expanding its online fulfilment as the discounter continues to drive sales growth and differentiate itself from rivals.

Target announced the moves at its annual investor meeting today (Tue).

They come as Target pushed through headwinds ranging from inflation to congested ports to deliver solid results for the three-month period that included the crucial holiday shopping season.

Fourth-quarter profit rose nearly 12%, while sales increased 9.4%.

The retailer also released an upbeat revenue outlook for 2022.

In January, the city of Grand Forks issued Target a $3.2 million building permit to upgrade the Grand Forks store.

Potential improvements include upgraded Guest Services as well as pickup and drive up.

AP