Target Corporation, the second-biggest discount store retailer in the United States, has announced to open a new store in Hyannis next year. The proposed store will come up at a location currently occupied by Sears at the Cape Cod Mall.
The upcoming store of the retailer will be spread in an area of 80,000 square foot. It will be first store of the retail brand in Cape Cod location. The proposed Target store will offer employment to around 100 people. Basics, apparels and toys; home décor with a variety of seasonal items; and beach and vacation essentials will be retailed at the store.
In addition to Hyannis, Target will also open small-format location in Medford, Burlington and, Cambridge’s Porter Square later this year. It will be the chain’s 47th store in Massachusetts. Target signed a lease with Simon Property Group for the space, stated media report.
The store opening announcement has come after retailer witnessed an increase of 3.7 per cent in traffic flow which helped it note best quarterly performance in more than 10 years. During the first quarter of this fiscal, the retailer noted a 3.4 per cent increase in total revenue to US $ 16.8 billion as compared to US $ 16.2 billion in the same period last year.
For the whole of 2018, it expects a low single digit increase in comparable sales, and both GAAP EPS from continuing operations and Adjusted EPS of US $ 5.15 to US $ 5.45.