MINNEAPOLIS -- SuperTargets' expansion to a revised projection of 400 units by 2010 will be among key growth strategies for Target Corp. going forward, the company said during its annual shareholders' meeting here.
like our multilevel store in Nicollet Mall and more SuperTarget stores in major metropolitan areas, we have significantly increased our opportunities for growth."
Target's reported revenues rose 8% to $39 billion for the 2001 52-week fiscal year, compared to $36 billion in the 2000 53-week fiscal year.
During the release of its first-quarter earnings last month, Ulrich had revised initial SuperTarget projections of 200 units by 2010 to 400 units. The company currently operates 1,081 stores in 47 states, including 75 SuperTargets. It expects to have 150 SuperTargets in operation by 2004.
Gregg Steinhafel, president, Target Stores, said during the first-quarter conference call last month that "while still a relatively small percentage of our overall store base, SuperTargets remain an important component of our future growth."
The strategy used to differentiate SuperTargets from other supercenter formats is to introduce new brands such as Einstein bagels and expand private label through Archer Farms and Market Pantry brands.