Target Corporation (NYSE: TGT) today announced plans to invest in its guest experience and long-term growth with a focus on:

• Building on the success of its industry-leading Target Circle membership program with an even easier and more personalized shopping experience centered on value, relevance and ease.
• Innovating to grow its more-than-$30-billion owned brand portfolio with new and on-trend items, quality and value.
• Investing to build new stores and enhance existing locations to reach new guests and offer extra convenience.

"For years, Target has consistently built for the long-term, investing in the assets, capabilities and team that have differentiated our business, enabled us to deliver for guests in any environment and driven strong growth," said Brian Cornell, chair and chief executive officer, Target. "Today, with that same long-term view, we're making strategic investments that expand on our core strengths, further elevate our guest experience and deepen our connection to both current and new guests. Most importantly, these plans provide fuel for our next era of growth."

New Target Circle

On April 7, Target will reintroduce its loyalty membership program, Target Circle, with a suite of memberships that build on each other, including the continuation of a free-to-join membership, retail payment card options and a new paid membership. Target Circle is already one of retail's largest loyalty programs with more than 100 million members saving millions of dollars each year. The changes reflect Target Circle members' desire for an even easier and more personalized shopping and saving experience.

Membership options include:

1. Target Circle – Target will continue offering its popular free-to-join membership with personalized deals, member-exclusive sales throughout the year and additional perks and savings. Based on guest feedback, deals will now be applied automatically at checkout — no more having to search for or add individual offers — so members are confident they're getting the best value every time they shop. They also can earn Target Circle Rewards and take advantage of personalized deals through Target Circle Bonuses.
2. Target Circle Card – To save even more, consumers can apply for a Target Circle Card¹ (previously known as Target RedCard) for an extra 5%² off every day, as well as extra time to return items² and free two-day shipping³ on hundreds of thousands of items on Target.com.
3. Target Circle 360 – Consumers also can sign up for Target Circle 360, a new paid membership that includes unlimited free same-day delivery for orders over $35 in as little as an hour with no delivery fees or markups, free two-day shipping³, access to preferred shoppers who can personalize their experience and access to Shipt Marketplace, which offers same-day delivery from more than 100 retailers nationwide.

New benefits like exclusive partnerships and experiences, product offers and more will be added to Target Circle over time.

New and expanded Target brands

In 2024, Target plans to launch and expand several owned brands to offer a wider range of options across categories, products and prices, including:

• dealworthy – The new brand is designed to give consumers great value on nearly 400 everyday basics across apparel and accessories, beauty and essentials, electronics and home, starting under $1 with most items under $10.
• up&up – Target relaunched its largest and most expansive essentials brand with new formulations, branding and packaging, plus hundreds of new everyday items in personal care, health, pet care, storage and more to round out the essentials assortment.
• Gigglescape – The new toy brand sparks joy and imagination for kids and parents with an assortment of plush, books, toys, games and more rolling out in 2024 and beyond.

Target owned brands provide a combination of quality, style, performance and value, and drove more than $30 billion in sales in 2023.

Continued stores and supply chain investments

Target will continue investing in its stores-as-hubs model during the next decade with plans to:

• Build more than 300 new stores to reach new guests with a shopping experience that's welcoming, convenient and fun, whether they're shopping the aisles or using same-day services.
• Invest to enhance the vast majority of its nearly 2,000 stores, with projects ranging from full remodels to adding Ulta Beauty locations, upgrading fixtures, supporting same-day services and more.
• Continue enhancing supply chain operations for increased efficiency, speed and capacity, including next-day delivery through sortation centers, and using artificial intelligence to drive improved inventory efficiency and forecasting across its network.

To stay updated on Target's strategy and initiatives, visit corporate.target.com.

Miscellaneous

Statements in this release regarding the company's future financial performance, planned investments in its business, enhancements to its loyalty program, expansion of its owned brand portfolio, new store openings and remodels, and enhancement of its supply chain operations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the company's results to differ materially. The most important risks and uncertainties are described in Item 1A of the company's Form 10-K for the fiscal year ended January 28, 2023. Forward-looking statements speak only as of the date they are made, and the company does not undertake any obligation to update any forward-looking statement.

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