Target has spent billions strengthening its e-commerce muscles, remodeling hundreds of existing stores, opening more small-format city locations, raising wages, and launching more of its own clothing brands that have been instant hits with shoppers—all moves that have put it back on a solid growth trajectory. The retailer has also made big strides in its supply chain and reduced out-of-stock frequency. At the same time, those investments are taking a toll on profits, and Target is still refining its food offering after years of trying, a key element in its strategy to drum up more shopper visits to its stores.
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The retailer is adding to a roster than includes Modcloth and Bonobos.
The new pay floor takes effect at the start of November.
The number of stores that will be closed increases, according to one site.
It's a big part of its effort to hit $2 billion in sales in 2020.