Nov. 18 (Bloomberg) — Target Corp., the second-largest U.S. discount chain, is considering opening smaller-format stores to expand in cities.
The company is researching the option, Chairman and Chief Executive Officer Gregg Steinhafel said yesterday in an interview at Targets Minneapolis headquarters, adding that the retailer has no definitive plans or sites for such stores.
We know that consumers in dense urban areas love Target, Steinhafel said. We have to work harder at trying to get a smaller Target in those areas.
Target plans to open more U.S. stores in metropolitan areas as well as remodel existing locations to add groceries and encourage more frequent visits. On its earnings call yesterday, the company said its planning for a modest decrease in fourth-quarter sales at stores open at least a year as shoppers continue to pare discretionary spending.
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