Target to invest $4 billion annually to cement pandemic market share gains
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FILE PHOTO: A newly constructed Target store is shown in San Diego, California May 17, 2016. REUTERS/Mike Blake/File Photo
(Reuters) - Target Corp will invest $4 billion annually over the next several years to open more stores, upgrade existing ones and build-out its supply chain as the retailer tries to cement market share gains made during the COVID-19 pandemic.
The announcement on Tuesday comes after the company reported a 21% jump in holiday quarter revenue as same-day delivery and store pick-up services helped fulfill robust demand for home goods, toys and groceries during the health crisis.
(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)
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