Target Renovating Instead of Opening

Target says it will focus on polishing up old stores rather than opening new ones this year. The discount chain will spend $1 billion renovating 340 stores while opening fewer than 10 new locations. The renovated stores will offer more groceries. It’s also developing smaller stores for urban markets and plans to expand outside the U.S., most likely in Canada, Mexico or Latin America.

The chain, based in Minneapolis, has faced tough competition from larger rival Wal-Mart Stores Inc. Customers have turned away from Target’s its “cheap chic” styles and toward retailers they see as offering lower prices during the recession. Target’s Chief Financial Officer Doug Scovanner and other executives will speak at an investor meeting Thursday in Philadelphia.

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