Target has unveiled its new turnaround strategy to return to growth following a slump in quarterly sales, which will include the launch of new Beauty Studios across the US retailer's portfolio.
The studios are described as an immersive destination that pairs “speciality-level” presentation and service with accessibility.
This forms part of an overall upgrade to Target’s beauty offering, focused on premium and emerging brands, updating presentation and piloting an enhanced service model.
The turnaround strategy also includes a focus on wellness, as Target plans to strengthen its position as a “destination for everyday wellbeing”.
This builds on the 30% increase in the retailer’s wellness assortment, announced in January.
"This new chapter of growth at Target is defined by clear choices and rooted in a deeper understanding of our unique lane in retail, the guests we serve and the areas where we are distinctly positioned to win," said Target CEO Michael Fiddelke.
The turnaround strategy has been launched to offset several consecutive quarters of declining quarterly sales.
It includes plans to refresh the store experience, invest in store payroll and training to elevate the guest experience, and strengthen key areas of the assortment.
This will be achieved through an incremental US$2bn investment in 2026, including more than $1bn in additional capital expenditures and $1bn in additional operating investments.
Target expects to open more than 30 new stores in 2026 as part of its ambitions to establish 300 sites by 2035, while investing in more than 130 planned full-store remodels.
Fiddelke added: "This work is underway, and by putting style, design and value at the centre of every decision, we are making big changes to lead with a trend-forward assortment, elevate the guest experience, accelerate with technology, and equip our teams to deliver the most delightful experience in retail, for today and over the long term."