Over the last few years, Target has been experiencing a tumultuous time, facing backlash and boycotts due to its multiple controversial business and political moves.
These moves have led to a concerning slowdown in various areas of its business like never before, causing net sales to decline by over 3% during the fourth quarter of fiscal 2024.
Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter
To get back on track, Target is prioritizing newness in its business, investing in increasing its product offerings based on customers’ needs while continuing to deliver everyday value.
Related: Target slammed with lawsuit as investors demand refunds
In its latest earnings call, the company stated its customers’ willingness to spend on newness despite the current softening in consumer spending due to inflation and economic uncertainty, as it has seen the highest sales when new seasonal products are released, like during Valentine’s Day, which led to record-high sales.
A girl looking at toys at a Target location.
Target prioritizes newness by introducing new products and brands
In January, 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.
Related: Target announces major deal to win back shoppers
To boost sales and gain market share among new customers, Target has sealed multiple partnership deals with brands from various sectors, including its collaboration with the fitness company Peloton and a multi-year partnership with the apparel brand Champion.
Over the last year, it also relaunched some of its Target-exclusive brands to foster innovation and stay updated with trends.
The company aims to expand its brand offerings and assortment to become a one-stop shop that attracts new shoppers and keeps loyal customers returning.
Target announces the expansion of its baby and toddler selection
On Mar. 20, Target (TGT) announced it is expanding its baby and toddler selection by introducing over 2,000 new items across the nursery, apparel, food, and toys category from Traget’s own brands, as well as new and emerging brands.
This expansion aims to provide customers with more offerings and value since over half of the new additions are exclusively sold at Target, and more than two-thirds are under $30.
“One-fourth of our guests are shopping for baby, and we’re curating our assortment to give them just what they need. From daily must-haves like diapers to trending items like baby skincare and adorable, affordable gifts to celebrate each baby milestone, we’re supporting families throughout the parenting journey with products that bring joy and convenience to their everyday lives,” said Target Senior Vice President for Merch Essentials and Beauty Amanda Nusz.
The new items include products from various brands that consider the needs of children and parents equally to support them in all areas and stages of their lives. These include health, wellness, and post-partum support products and on-trend apparel.
More Retail News:
Luxury fashion brand enlists controversial new partnerPopular apparel retail chain is looking at big changes after latest announcementSHEIN sued by luxury fashion house over controversial issue
Additionally, Target has expanded its gift assortment and created a baby registry to make celebrating easier.
This latest expansion will add more than 30% more newness to Target than last year, standing as a testament to Target’s commitment to increasing its product assortment and meeting its customers’ needs.
Related: Veteran fund manager unveils eye-popping S&P 500 forecast
