) as part of its P-fresh remodel program, which facilitates the
company to sustain sales momentum and continue to drive traffic
through fresh offerings and enhanced customer shopping experience
plans to introduce a new section dedicated to grocery starting
with its remodeled stores in Detroit.
The company is expected to allot 10,000 square feet area to
The company plans to sustain its remodeling program at
existing general merchandise locations by the addition of an
expanded food section along with a greater assortment of dry
dairy and frozen items, improved store layout and enhancement of
in-store shopping experience across departments, such as apparel,
home, beauty, shoes and baby.
During fiscal 2011, Target remodeled 400 locations, bringing
the total count to 900 stores. In fiscal 2012, the company plans
to complete about 230 more general merchandise remodels in the
U.S. that will result in more than 1,100 remodeled stores by the
end of the year.
Alongside, Target is seeking promising expansion opportunities
in international markets such as Canada and Latin America and
revealed its plans to introduce smaller-format stores called
CityTarget, similar to that of its biggest rival,
Wal-Mart Stores Inc
Moreover, Target announced its year-round price matching
policy with the aim of offering its patrons the facility to match
the prices being offered by online retail giants.
The company will match prices with
) Amazon.com, Wal-Mart's Walmart.com,
Best Buy Co. Inc
) BestBuy.com, and Toysrus.com. Target believes that its price
matching policy coupled with the REDcard reward program would
provide it an edge over its competitors.
Going forward, the company expects its fourth quarter earnings
to meet or exceed the lower end of its earlier announced guidance
range of $1.64 - $1.74 per share. Moreover, the company expects
low single-digit increase in its January comps.
Currently, Target holds a Zacks Rank #3 (Hold).
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