Why Target Shares Jumped Friday
The stock of Target (NYSE: TGT) has been rallying over the past month. Including today, the shares are up nearly 14% in the last 30 days. It jumped 6.2% as of 3:05 p.m. ET on Friday. Today's move came after the company announced a new store strategy and store design yesterday.
Target has been working on growing its digital sales channel for years. It acquired Shipt, a same-day delivery service, in 2017. That paid off when online sales using same-day services nearly doubled in 2019. The pandemic accelerated that growth even further with comparable digital sales soaring 145% in 2020 over 2019. That success has continued, and now Target has designed a new store format to help accommodate online shoppers even more.
Yesterday, it announced the debut of a larger store format to optimize additional space where customers can "browse the aisles, shop online or stop by for same-day services like Order Pickup and Drive Up," chief operating officer John Mulligan said in a statement.
Source Fool.com
