Target is closing 4 locations in Minneapolis, Philadelphia, and the DC area – here's the full list
that it says are not meeting financial performance expectations, while Best Buy and Bath & Body Works have announced closures as a part of a broader shift in their footprint strategy.
All four stores are smaller-format locations — roughly 20,000 square feet — that the company began rolling out about a decade ago to reach shoppers in more urban areas. The four stores are slated to close on May 13. In its annual report filed last week with the SEC, Target said it intends to open about 20 new stores and complete remodels of 70 existing locations this year. Half of the new locations will be small-format stores, Castañeda said.
Most Target stores are typically around 130,000 square feet, and the company recently has been developing formats larger than 170,000 square feet in a push toCastañeda told Insider that Target does not have any other closures planned for 2023, and that it has more than 50 other stores in each of the three metro areas, and in several cases has stores within three miles of the locations facing closure.1300 W Lake St.
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