The Pandemic Catapulted Target to New Heights in 2020

By Sheridan Fifer

The pandemic's retail winners are winning in part because they have been preparing for a contingency like the coronavirus for years. Target was one of the major retailers to throw its considerable resources into mastering the phenomenon of online shopping and the complexities of fulfillment before the pandemic made services such as curbside pickup and buy online, pick up in store more relevant – and critical – than ever. Target CEO Brian Cornell was careful to note that the retailer's success was built over the course of years through innovation and investments in its business. In 2020, all those initiatives paid off, as Target saw sales grow by over $15 billion, growth greater than that of the last eleven years combined. And the innovation and investments aren't over. 

Target said it will spend $4 billion a year remodeling stores, opening new small and mid-sized stores in cities, college campuses and dense suburbs, and on its supply chain to fulfill online orders.

Read the full story at CNN Business.