1 hour ago | By WGSN Insider
Big data meets consumer insights. Experience WGSN.
2016 will not start well for Target. The value retail giant has announced it will close 13 US stores on January 30, citing long-term declining profits.
Spokeswoman Kristy Welker said the closures are due to the stores’ individual performance and unrelated to Target’s overall performance.
The retailer, which operates nearly 1,800 stores in the US, was hurt by a massive credit-card breach before Christmas 2013 and exited Canada earlier this year.
Layoffs in 2015 included 2,500 jobs, or about 20% of the workers at its corporate offices in Minneapolis and Brooklyn Park.
STAY UP TO DATE: You want the need-to-know news, right? Our journalists deliver a daily curation of the most important industry happenings. Sound good? Join WGSN.
Know what’s next. Become a WGSN member today to benefit from our daily trend intelligence, retail analytics, consumer insights and bespoke consultancy services.