Target scales back store openings for 2009
Scale-back expected to continue through 2010
-- Casual Living, 10/28/2008 5:59:00 AM
Minneapolis-based Target Corp. announced plans to scale back its 2009 store openings to improve performance during rough current economic conditions, according to Reuters.com.
"We are not happy with the current pace of our sales, and we are working diligently to drive our top-line performance," said Gregg Steinhafel, CEO of the company.
Target has reduced its 2009 store opening plans, now aiming to open about 70 new net stores.
"We know we will open fewer still in 2010, although it's a bit premature to speculate just how many," said Doug Scovanner, CFO of Target.
Additionally, Target, which also said it would toughen standards in its credit card business, will begin placing more emphasis on the "Pay Less" side of its "Expect More. Pay Less" tagline to appeal to cash-strapped shoppers. The retailer also is testing a general merchandise store with a larger selection of food. However, Steinhafel emphasized that the company does not intend to change its long-term business strategy.
"Staying true to the strategy and brand experience that have driven our success for decades is imperative if we are to remain relevant to our guests and continue to be the leader in the retail industry long after the current economic crisis is behind us," he said.
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