Target to expand grocery sections, add smaller-footprint stores
Minneapolis Target Corp. Gregg Steinhafel said the company aims to expand the grocery sections in its stores and add smaller-footprint locations, according to Gourmet Retailer.
During a quarterly conference call with analysts on May 19, Gregg Steinhafel, Target's chairman, president and CEO, said the company is on track to remodel more than 240 stores this year with the expanded grocery, or P Fresh, areas.
"By the end of the third quarter, we expect to have more than 450 general merchandise locations, with the P Fresh assortment and presentation," he said. Thirteen new stores will open this year, the report said.
Meanwhile, Target's sales increased 5.5% in the first quarter to $15.2 billion in 2010, from $14.4 billion in 2009, due to a 2.8% increase in same-store sales and the contribution from new stores.