Retail giant Target (TGT) is poised to bring a huge new store to metro Atlanta, enclosing an area the size of two entire football fields and then some, reports note. The news is having little effect on shareholders, though, as shares are up fractionally in Tuesday morning’s trading.
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Target spent a lot of time focusing on small stores, opening up little bits of Target in a range of places. But now, Target is breaking with that new tradition to go back to the old way of giant stores. This one will be the biggest one it has opened in a decade, when it finally opens up about 35 miles east of downtown Atlanta. It will measure a whopping 128,500 square feet, reports note, though more specific details will follow when the store is actually closer to opening, reports note.
In aid of this, Target bought 20 acres of land around the Covington Town Center, which includes plenty of other draws for potential customers. A Publix is located in that general area, as are several chain restaurants, meaning that there should be plenty of retail traffic in that area for a Target location to take advantage of.
Reclaiming Tarjay
Remember when “tarjay” was a thing? When you deliberately mispronounced Target to make it sound more upscale? It turns out Target kind of wants that back, and is starting to revamp some stores in aid of that. Target recently kicked off a “rolling transformation” at its SoHo location in New York City.
Michael Fiddelke, who will take over as CEO this February, noted “We want guests to find a sense of joy from every trip to Target and we must do that more consistently and frequently.” With Target customers increasingly concerned about prices—reports from Target employees noted they were obliged to “…rip price tags from clothing in anticipation of tariff-related price hikes”—getting a “sense of joy” in customers might be the only worthwhile move it can make.
Is Target Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TGT stock based on eight Buys, 12 Holds and five Sells assigned in the past three months, as indicated by the graphic below. After a 41.21% loss in its share price over the past year, the average TGT price target of $102.65 per share implies 15.1% upside potential.
