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Target
Stores provides the cornerstone of growth for the corporation
through investment in new discount stores and SuperTarget stores
as well as through a disciplined store remodeling program. This
investment underscores our commitment to protect the integrity
of the Target brand by delivering excitement to our guests and
by ensuring uniformity throughout the chain. Over the past five
years, we have increased the net square footage of this division
by more than 50 percent, while enhancing our already high standards
of financial performance. We expect this division to drive our
growth for many more years to come.
During 2001, we continued our store expansion, producing a net
increase in square footage of about 11 percent for the full
year. New discount store locations accounted for slightly more
than half of this growth and included the opening of our first
store in Maine, our 47th state, as well as substantial buildbacks
in New York, Los Angeles and Phoenix. In 2002, we expect to
increase net square footage by approximately 12 percent, as
we open most of the 35 sites acquired from Montgomery Ward and
75 to 85 other locations. Beyond 2002, we expect our annual
rate of square footage growth to return to an average of 8 to
10 percent, in line with historical levels.
SuperTarget continues to be an important component of Target’s
expansion strategy, with its store count more than doubling
to 62 stores during 2001. To maintain our guests’ strong acceptance
of this format, we continue to focus on delivering unsurpassed
freshness, quality and value in produce and other perishables
and to ensure that every facet of our grocery assortment is
as differentiated as our general merchandise. Additionally,
we are improving SuperTarget’s productivity by leveraging existing
resources and systems, and streamlining operations in areas
that do not affect guest service. Of Target’s expected net square
footage growth in 2002, nearly 5 million square feet, or 40
percent, will be attributable to additional SuperTarget locations.
For forty years, Target Stores has delivered consistent and
profitable new store growth, demonstrating the strength and
sustainability of our strategy. We believe these decades of
success validate our innovative and disciplined approach to
growth and provide a foundation for further expansion in the
foreseeable future. |
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