Big Lots! People may be bummed out after learning that several Target stores in the U.S. will be closed. On the other hand, some of the stores have already been closed by March 2023.
It is final that this year, numerous Target stores are closed! People belonging to Philadelphia will be upset to discover that the Target stores in Center City shut down and another one, i.e., Philly Store, is slated for closure on May 13, 2023.
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What do Target Stores Provide?
Target Corp. is a company that deals in various products for human welfare online and offline; it sells products online via its site, i.e., target.com… It sells food, apparel, seasonal offerings, household products, and many essentials. In 2022, it was estimated that the sales of household and beauty products were in demand. In 2022, it was calculated that Target stores earned 22 billion U.S. dollars through net sales.
Key Points:
- The closed Target stores are in Philadelphia and Minneapolis in Washington Square, D.C.
- Several Target stores are closing this year. It is estimated that approximately four small format stores will shut down in 2023.
- But no worries, The company will also open larger stores instead of small-format stores in 2023.
- This year, the company is also focussing on remodeling the existing stores in various U.S.
So many questions are arising in your mind! Yeah! We understand as people are up in arms after getting this sad news. Do you want to know what is the reason behind it? Are the Target stores closing in 2023? Will Target have plans to rebuild the stores in the future and all?
If yes, this is the perfect guide for you, where we have covered everything! Let’s go through this blog post together to unravel the reason, the entire things that were and will happen, and what the company is planning for the upcoming days.
Is Target Store Closing in 2023?
Target Stores plan to close the Philadelphia store this year. Besides closing the store in Philadelphia, The company has planned to shut down several other stores, i.e., two small-format stores located in Washington D.C, one store was in College Park, Maryland, and the other was in Falls Church, Virginia. There are at least three more stores located in Minneapolis set for closure. Both the stores are smaller locations where 45 people were employed.
All these stores have built-in areas to meet urban customers in a retailer’s small concept format. According to a report, Due to low performance, the stores are supposed to be shut down by May 13, 2023.
Along with Target stores, other small format stores have been closed due to a huge drop in sales and an inability to meet the sales target. The stores include Best Buy and Bath and Bodyworks, 269 Walmart stores, Colorado stores, and Marshall’s. It is estimated that 800 stores will close in 2023 across the U.S.
Why Are Target Stores Set to Closed At Various Places In The U.S.?
After seven years of Target Store launch in the Center City, Philadelphia has been closed. The store was established in 2016. It is a store with a larger area that offers a large area for the e-commerce order to be fulfilled.
This store was located at 1128 Chestnut Street, covering an area of 19,000 sq. feet, and was known by the name Washington Square Store; it was developed when the Planet, Fitness, Fine Wine & Good Spirits, and an apartment complex were developed.
It finally decided to close its door on March 13, this year because the store was not getting the required target and was declining in performance for many years.
Later, the representatives found Rittenhouse Square, Broad Street, and Washington Avenue would be better placed than Washington Square. So, they planned to close the store located previously from low-performing locations to better-performing locations.
All the working staff, including the full-time or part-time supported and moved to work at the surrounding locations. A spokesperson for the Minnesota-based company named, Kayla Castaneda, stated, “The decision to close one of our stores isn’t something we take lightly.” She added, “It is an action we take only after multiple years of working to improve performance.”
Also read – Does Target own CVS?
Problems they were facing include
- The company faced an unexpected decline in sales in the year 2022; this was one of the major reasons for closing the Target store in Philadelphia.
- The stores have declining foot traffic.
- People were facing the parking issue as there was a limited parking area, and some people always had issues with the parking, among other things.
- The company faced several problems before its closure as they had noticed a lack of foot traffic in the nearby places.
- The construction was underway for the National Real Estate Development’s medical building for Jefferson Health across the street, which prohibited the area. However, It was expected that the construction was about to be completed within a few months.
List Of Target Stores That Are Permanently Shutting Down.
Here is the list of Target Stores that are permanently shutting down.
Four Target Stores are closing this year, including:
- First, located at 1128 Chestnut St., Philadelphia (Pennsylvania)
- The second is located at 7501 Baltimore Ave, College Park (Maryland)
- Third located at 500 S Washington St. Falls Church (Virginia)
- Fourth, located at 1300 W Lake St. Minneapolis (Minnesota)
The stores mentioned above are smaller format locations. Also, the company has officially announced it will not close any of its stores further in 2023.
Is Target Store Still Located In The U.S.?
The answer to the question “Is Target Store Still Located in the U.S.” is Yes! Yeah! You have heard right. The stores are still in the U.S.
As the company announced the closure of four of the store. Apart from them, the target stores are still in the United States.
The company has remodeled 1000 or more stores in the year 2017.
Target Stores were ranked no 32 last year. But in 2023, The company will operate 1,948 Target stores in the U.S.
It was estimated that in 2022, Target will open its new stores (23 stores) and renovate approximately 140 stores.
How Many Target Stores Are Still In The U.S.?
Target opened 1.926 stores across the U.S. by the year 2021. In 2022, it was estimated 1,897 of the total stores throughout the country. Later in 2023, on January 28, the target had 1,948 stores.
Target Corp. runs a merchandise stores chain that provides its customers with various goods and services. Initially, the company operated in the U.S. and is the most valuable retail brand in the world.
Is Target On A Mission To Establish Several Stores?
Apart from its closure, This year, the company is on a mission to open 20 new stores in the same location, i.e., Philadelphia. Also decided to rebuild approximately 70 existing stores with some new stores such as Ulta Beauty shop in shops.
A Target Stores spokesperson stated, “It’s not getting out of the small-format genre, as half of the new locations will be in the smaller format.” According to a source, Minneapolis/ St. Paul Business Journal, Target stores announced they would open new stores in 2023. also, they are going to renovate the existing Target stores.
Besides, Last year the company said we have decided to shift the smaller stores to larger ones in the upcoming years. We are focussing on building the 150,000 sq. feet or 20,000 sq. feet larger stores that may have a larger vacant area to fulfill the e-commerce orders in the stores. We expect to expand the company by 10% of its overall.
The Executive vice president and the COO of the Company said, “Target’s stores are at the heart of how we deliver for our guests, whether they browse the aisles, shop online or stop by for the same day services like order pickup and drive up.” Also stated, “Without reimagined store design and larger store footprint that better supports our same day services, we can give guests more of what they love while incorporating features that build on our commitment to sustainability, community and helping all families discover the joy of everyday life.”
Wrapping up
Further considerations about closing the Target Stores are rumors, developing plots only, and nothing else. The company has officially stated that these are the only closures Target had planned for, and they have no plans to close Target stores further in the fiscal year 2023.
Thank you for reading this blog post!