Target Details Plans to Drive Over $15 Billion in Sales Growth by 2030

Target has ambitious plans to drive an additional $15 billion in sales growth by 2030. Key priorities include enhancements to its brick-and-mortar stores, using AI to improve search, social and data-driven personalization, innovation in its owned private label brands, a dramatic expansion of its Target Plus marketplace and a doubling of the value generated by its in-house Roundel media company.

The retailer revealed these long-term plans along with financial results of its 2024 fiscal year, which ended Feb. 3, 2025. Target’s net sales decreased by 0.8% compared to the previous year, falling from $107.4 billion to $106.6 billion. Comparable sales rose 0.1% in 2024, with a 7.5% increase in digitally originated comp sales offsetting a 1.6% decrease in brick-and-mortar comp sales.

Target Chairman and CEO Brian Cornell touted FY 2024’s 1.4% increase in both digital and store traffic as he discussed the retailer’s strategy for the remainder of the 2020s: “With gains in consumer traffic, continuing improvements in speed and reliability and accelerating growth across digital capabilities, we are doubling down on initiatives that scale these capabilities and drive meaningful topline and bottom-line growth,” said Cornell in a statement. “Our strategy is all about creating today’s Tarzhay, offering everyday discovery and delight for millions of families and ensuring Target is a consumer favorite for years to come.”

Seeking to Quintuple Marketplace Sales by 2030

Target plans to increase its third-party digital marketplace sales from the approximately $1 billion generated in 2024 to more than $5 billion by the end of the decade, in part by adding new brands like Peloton, Daily Harvest and Honest Baby Clothing.

Target also is planning to double the size of its Roundel retail media network business, which drove more than $2 billion in value last year, by creating more personalized connections, adding hundreds more vendor partners each year and further integrating within Target Plus and the Target Circle loyalty program.

20 New Brick-and-Mortar Stores Planned for 2025

As part of ongoing efforts to add more than 300 stores over 10 years, Target plans to open approximately 20 new stores this year, the majority being large-format locations, as well as investing in remodeling “many more across the country,” according to a company statement.

Target also plans to modernize its core inventory management system with AI-powered technology designed to improve reliability and reduce out-of-stocks. The retailer also will implement several new package delivery solutions, leveraging existing stores and supply chain assets and its Shipt capability to further improve delivery speeds.

Private Label Partnerships with Award-Winning Chefs

Target is planning a series of collaborations with celebrated chefs for its Good & Gather owned brands, kicking off with James Beard Award winner Chef Ann Kim. The retailer also is planning to add 600 new food and beverage items across its owned brands and a refresh of its pet supplies brand, bringing shoppers a wider range of affordable products. Target also is planning additional brand partnerships, such as the recently announced shop-in-shop deals with Warby Parker and Champion along with its long-time Disney partnership.

Target also plans to reimagine key product categories, kicking off a multi-year initiative to build categories with high growth potential including gaming, sports and toys. Target also plans to refresh its home assortment with trend-forward products added to Hearth & Hand with Magnolia and Threshold designed with Studio McGee.