Target is doubling down on its commitment to large stores by opening a half dozen new locations next month as part of a $5 billion capital-investment initiative this year.
The Minneapolis-based discount giant will be rolling out two new stores each in Arizona and North Carolina and one each in New Jersey and Missouri. They are part of the 30 locations the chain plans to debut this year. Most of the new sites are bigger than the retailer’s average size, with the largest one 149,000 square feet.
“These six stores are the latest examples of the more than 300 we are on track to build by 2035,” Target said on its website. “Five of these newest stores top our 125,000-square-foot chain average as we lean into larger footprints.”
Target is trying to mount a turnaround under new CEO Michael Fiddelke, and bigger stores are an increasingly important part of that strategy. In November last year, Fiddelke said the company’s larger stores were performing well and that the company planned to debut more of them.
“Our new larger-format stores are outpacing our initial sales expectations and continue to be a strong source of growth,” Fiddelke said back then. “Given current real estate opportunity, we expect to continue opening these bigger boxes in more and more markets across the U.S.”
Target’s quest to open larger-format stores began in November 2022, when it said the bigger footprints would offer expanded space for online fulfillment services and a greater selection of groceries. The stores are now both shopping destinations and micro-fulfillment hubs, according to Target.
Pair of openings in Arizona
One of the new Arizona Target stores is debuting at Verrado Marketplace at 1355 N. Verrado Way in Buckeye. The 148,000-square-foot store will anchor and be the first retailer to open as part of that new shopping center.
The second new Target coming to the Grand Canyon State is at the Casa Grande Promenade at 951 N. Promenade Parkway in Casa Grande. It’s roughly 127,000 square feet and will offer what Target described as its “newest food-forward selection of fresh and affordable produce, meat and dairy.”
The two locations will bring Target to 50 stores in Arizona. The retailer also has a new store planned in Mesa.
Like Arizona, North Carolina will be getting two new Target stores next month. The one slated for 5623 Carolina Beach Road in Wilmington is about 128,000 square feet. It will be the chain’s second location in that city. The other new store, at 129,000 square feet, is at 551 St. Mark Ave. in Selma. Its layout will be unique, according to Target, because its food section is in the back of the building.
With those openings, Target will have 57 stores in the Tarheel State. The chain also has new stores planned in Mebane, Fayetteville and Lincolnton.
Missouri bound
The largest store Target is opening in May, University City Olive Boulevard totaling 149,000 square feet, is at 8645 Olive Blvd. in St. Louis. It will feature a mural by local artist Jayvn Solomon that depicts University City’s key landmarks and music and cultural highlights.
In addition to the Olive Boulevard location, Target’s 38th store in Missouri, a new store is slated for Farmington.
And the Garden State is getting a new Target at the Stadium Plaza shopping center at 381 State Route 440 in Jersey City. It is 119,000 square feet; will have an expanded choice of fresh produce, meat and dairy; and is New Jersey's 56th Target.
Target’s capital investment program includes not only new stores but also more than 130 remodels.