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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