Target is a retail giant that has long been a part of American culture. The company has been in business for over 100 years and has always been a reliable source for affordable, quality products. However, in recent years, Target has struggled to keep up with the competition. Walmart and Amazon have both overtaken Target in terms of sales and market share.
In order to try to regain some of its lost market share, Target has invested heavily in its online presence. The company has also been working to improve its in-store experience, with an emphasis on making it more convenient and enjoyable for shoppers. Target has also been expanding its reach by opening more small-format stores in urban areas.
So far, these efforts seem to be paying off. In 2020, Target’s sales increased by 7.4% compared to the previous year. This growth was driven by strong online sales, which increased by 42%. Target’s same-store sales also increased by 3.8%, indicating that shoppers are responding positively to the changes the company has made.
Target’s strong performance in 2020 gives it a good foundation to build on in 2021. The company is expected to continue to invest in its online presence and continue to open more small-format stores. If Target can continue to execute well on these initiatives, it should be able to continue growing its sales and market share.
Target is doing well financially in 2021. The company continues to invest in its online presence and open more small-format stores.
