Target Plans 32 New Superstores
CHICAGO -- Target Corp. plans to open 94 new Target stores in 2003, with capital spending expected to be about $3.3 billion to $3.5 billion, analysts who attended a Target meeting said on Friday.
The analysts said the department store and discount chain operator's 2003 expansion plans, presented at an analyst meeting on Thursday, also called for 32 new SuperTargets, which include grocery stores, and four new distribution centers.
The expansion plan compares with larger rival Wal-Mart Stores Inc.'s 2003 goal of 45 to 55 new discount stores and 200 to 210 new Supercenters with grocery stores, although relocations or expansions of existing locations will account for the bulk of the new stores.
The analysts said the department store and discount chain operator's 2003 expansion plans, presented at an analyst meeting on Thursday, also called for 32 new SuperTargets, which include grocery stores, and four new distribution centers.
The expansion plan compares with larger rival Wal-Mart Stores Inc.'s 2003 goal of 45 to 55 new discount stores and 200 to 210 new Supercenters with grocery stores, although relocations or expansions of existing locations will account for the bulk of the new stores.
