Target Challenges Retail Rivals With 300-Store Growth Plan
Target plans to open seven new stores this month, more than 30 this year and 300 by 2035 to support growth priorities outlined Tuesday (March 3) by CEO Michael Fiddelke.
The retailer also plans to remodel more than 130 stores this year, it said in a Thursday (March 5) press release.
The upcoming store openings and remodels are supported by Target’s $5 billion capital investment plan for 2026, according to the release.
“Guests tell us all the time they want a Target closer to home, and this investment helps us do exactly that,” Target Chief Stores Officer Adrienne Costanzo said in the release. “That means even more neighborhoods will get the full Target experience: trend-forward style and value, technology that makes the trip effortless and awesome teams who deliver easy, inspiring and friendly moments every single day.”
The openings will include Target’s 2,000th store, according to the release. Located in Fuquay-Varina, North Carolina, the store will feature 148,000 square feet; a “food-forward” design with a food and beverage department 30% larger than the chain average; 24 pickup lanes for Drive Up service; same-day and next-day delivery options; and a CVS Pharmacy, Starbucks Cafe and Disney Shop at Target, per the release.
Target said in a Tuesday press release that it aims to increase its capital investment plans by more than $1 billion in 2026, for a total of $5 billion, to support new stores, ongoing remodels, technology and supply chain enhancements.
“This new chapter of growth at Target is defined by clear choices and rooted in a deeper understanding of our unique lane in retail, the guests we serve and the areas where we’re distinctly positioned to win,” Fiddelke said in the release.
During a Tuesday earnings call, Target reported that it plans to reinvest more than $2 billion in 2026, including the $1 billion in incremental capital expenditures and $1 billion back into the P&L.
Target Chief Financial Officer Jim Lee said during the call: “We’re planning to grow net sales in a range around 2% versus last year,” adding that operating margin is expected to run about 20 basis points higher than 2025’s adjusted rate.
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