- DPA
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Target Corp. said it will reduce the
number of new small format store openings as well as store remodel
projects scheduled for 2020 due to the challenging environment
resulting from the coronavirus pandemic.
Providing an updated plan for its remodel program, the discount
retailer said it now anticipates to complete about 130 remodels in
2020, down from the prior expectation of about 300. The retailer will
complete all remodel projects currently underway and reschedule the
remaining projects into 2021.
Target now expects to open only 15 to 20 new small-format stores in
2020, compared to the 36 that it previously announced. In addition,
the company is temporarily stopping incorporating fresh grocery and
adult beverages into its Drive Up and Order Pickup services.
Target also will stop accepting in-store product returns and
exchanges for the next three weeks. For customers having a return
that expires during that period, the company will honor them three
weeks past the holding period.
In addition, Target is refraining from handling reusable bags and
will ask guests who bring them in to bag their own items at checkout.
The company said its paper and plastic bags will be available and it
will waive any local fees during this time.
The discount store chain is also introducing new measures to keep its
stores clean and promote social distancing. The company will have a
team member stationed at store entrances to ensure carts are clean
and available in an orderly fashion.
The retailer will add signs at the front of stores and floor decals
at the checklanes to maintain safe distances between guests as they
shop. The stores will rotate the use of its checklanes to enable
deep-cleaning of those not in use.
Also on Wednesday, Target withdrew its financial outlook for the
first quarter as well as fiscal 2020 and suspended share buybacks due
to the Covid-19 crisis.
Among other retailers, Ross Stores said last week that it has
withdrawn its first quarter and 2020 full year sales and earnings
guidance due to impact of the Covid-19 outbreak and lower consumer
demand. The company has also suspended its stock repurchase program.
(DPA)
Photo credit: All In One, courtesy of Target
