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Some significant changes are coming to Target this summer.
As inflation continues to hike up the prices of goods in the United States, the retailer’s profits have been affected. In an earnings release shared in mid-May, Target projected a steep $500 million drop in profits for 2023, citing inventory shrinkage largely impacted by inflation and shoplifting.
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In hopes of improving business, the brand has announced a series of new practices, which will be rolled out over the next few months.
For one, Target will “launch or expand more than 10 owned brands, bringing thousands of new, differentiated products to guests at incredible products.” Exact details surrounding these brands and the type of offerings they’ll carry have not yet been revealed.
If you’re already a fan of the nifty home goods often stocked at Target’s more affordable Bullseye’s Playground, you’ll be happy to know that the company will reportedly offer more brand-centric products starting at $3, $5, $10, and $15, so you can add a personal touch to your home without breaking the bank. Expect to see new promotions within the Target Cycle loyalty program soon, as well.
The brand is also prioritizing opening new drive-up Target Return spots to ease shoppers’ experiences. According to NBC 5 and The Associated Press, this feature will be available in nearly 2,000 stores across the U.S. this month. Shoppers can return new, unopened items within 90 days of purchase for free, and Target-owned brand products within a year of purchase.
“Our journey to expand our fulfillment options starts with making it easier for our guests to shop with us,” Target executive vice president and chief stores officer Mark Schindele said in a release. “Allowing our guests to process a return from the comfort of their car underscores our commitment to helping our guests shop — and return — however they choose.”
