Following its Q4 financial report yesterday, mass retailer Target has unveiled a new growth strategy in the hopes of generating an additional US$15 billion in sales by 2030. 

The gameplan kicks off this year and will encompass a reimagining of its video game, toy and youth sports aisles with new product assortments and enhanced in-store experiences to make the retailer a prime destination for family shoppers. Exclusive partnerships are also expected to play a key role in bringing consumers into stores, and Target signed consumer product deals along these lines with Disney (bedding collections) and Champion (activewear) earlier this year. 

Target’s chair and CEO Brian Cornell says the retailer is doubling down on expanding its digital e-commerce business to increase discoverability and support consumers throughout their shopping experience. This includes rolling out new AI-powered tools that will make it easier to search for products and integrate social media shopping trends. Target wants to see its third-party Target Plus marketplace grow from generating US$1 billion in sales in 2024 to more than US$5 billion by 2030. 

Meanwhile, the company’s overarching goals are to open more than 300 new storefronts over the next 10 years, and triple its Target Circle 360 loyalty membership (which was relaunched in May 2024) to 39 million members within three years. This is part of a larger play to get more consumers locked into Target’s ecosystem, which rewards frequent shoppers with new perks, benefits and sales whenever they choose to shop.