Target has grown its digital sales almost 30% annually over the past two years, a rate it claims surpasses the rest of the retail industry. It turns out that hasn’t been enough to keep up with the ways that consumers have shifted their shopping behavior to the web. Revenue declined nearly 6% last year, in large part because of the sale of its pharmacy business to CVS. The company has said it will invest $7 billion over the next three years to beef up its digital operations, freshen up existing stores, and open more small outlets that give the company a presence in urban areas. CEO Brian Cornell also worked to revamp the company’s food business as well as launch new brands like Cat & Jack and Pillowfort labels for kids that have so far been big hits.
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