Brian Cornell, CEO and Chair of Target, states, “Steady stewardship has always been our growth philosophy,” emphasizing the commitment to meeting current and future guest needs. Cornell mentions that the company aims to value strategy and capabilities to “grow steadily” and “profitably.”

Cornell also mentions that growth in recent years was consistent. In the pandemic years of 2020 and 2021, Target experienced “never-before-seen growth rates” that challenged the business model. However, the strong fundamentals, careful capital management, and connection with guests allowed the company to manage the rates. In 2022, the company saw growth exceeding $3 billion, making Target “$30 billion bigger than it was in 2019.”

Target’s growth relies on consistent customer trust and loyalty, backed by a 2.1% traffic increase in 2022, marking the “sixth straight year of growth” in this critical metric. The team’s ability to adapt to guests’ changing needs, has been key to success.