Target has experienced a slight slowdown in various areas of its business over the last few quarters, causing net sales to decline by nearly 1% for the full year of fiscal 2024.
To keep customers engaged, the retailer is prioritizing newness, increasing product offerings based on customers’ needs while continuing to serve as a one-stop shop.
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In an effort to boost sales and gain market share, Target has sealed multiple partnership deals with brands from various sectors, including a collaboration with the fitness company Peloton and a multi-year partnership with the apparel brand Champion.
Related: Target announces expansion in new area parents will love
Just this year, the retailer introduced 2,000 new wellness products from Target-exclusive, national, and emerging brands. It also increased its Target Plus portfolio to over 1,500 partners and grew its marketplace.
With all these changes and improvements, Target aims to drive more than $15 billion in sales growth by 2030, as the company said in an announcement unveiling its multi-year growth strategy.
People shop in a Target store.
Image source: Justin Sullivan/Getty Images
Target encourages customers to shop by launching a spring campaign
Target (TGT) stated its customers’ willingness to spend on newness in its latest earnings call, despite the current softening in consumer spending due to inflation and economic uncertainty. It claims it has seen the highest sales when new seasonal products are released, like during Valentine’s Day, which led to record-high sales.
“Shoppers turn to Target for the most important seasons and celebrations in their lives — and for all the small moments of discovery and delight that make the everyday extraordinary,” said Target’s Executive Vice President and Chief Guest Experience Officer Cara Sylvester in a press release.
Related: Target makes bold move to answer Walmart, Amazon
To continue the seasonal shopping momentum, Target launched its new spring marketing campaign in April, along with the release of various new products, to encourage consumers to shop at Target rather than its rival retailers.
As an incentive to all shopaholics, Target is expanding spring and Easter offerings by introducing many trendy products across multiple sectors, including apparel and accessories, home, food and beverage, beauty, and more. The best part is that most items retail for less than $20.
Target unveils details of its spring campaign for 2025
Target wants to get customers in a festive mood by transforming its stores into an immersive “garden party” experience with festive spring-themed displays and decorations. It is also revamping its digital e-commerce platforms to channel the “spring bloom” for those who prefer shopping online.
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Additionally, the retailer will promote seasonal shopping and incentivize consumer engagement by posting Spring Breeze-themed content on its social media accounts, creating brand awareness while staying current on the latest technological marketing strategies.
Target plans an Instagram takeover featuring lifestyle creators and transition videos to give customers ideas on how to use and implement the company’s products in their everyday lives.
“Shoppers continue to seek differentiated options and distinctive shopping experiences without sacrificing value, and Target has the scale, strategy, and capabilities to support all the ways consumers shop and engage with brands,” said Target’s CEO Brian Cornell in the press release regarding its growth strategy.
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