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March 25, 2020

Target Scales Back Store Remodels, Openings Due to virus

SN: "Adjusting to the impact from novel coronavirus (COVID-19), Target Corp. plans to more than halve its pipeline of store remodels and small-format store openings this year. Target also said Wednesday that consumer demand triggered by the nationwide spread of the virus has boosted sales, with overall comparable sales surging more than 20% month to date in March. For 2020, Target now aims to complete about 130 store remodels, compared with its earlier projection of approximately 300. The Minneapolis-based discount store chain said the new plan will enable it to finish projects already under way. All other planned remodels will be moved to 2021. Likewise, Target said it expects to open 15 to 20 new small-format stores this year, down from the company’s previously announced plan for 36 small stores. Again, projects now in the works will be completed, with the rest shifted to next year. Also being put on hold temporarily is an initiative to add fresh grocery and adult beverages into Target’s Drive Up and Order Pickup click-and-collect services"...

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