Did you know eight out of ten US shoppers are regular Target customers? With around 2,000 locations and $106 billion in sales in 2022, Target is one of the largest retailers and discount stores in the US.
It’s the second largest discount store in the US, just behind Walmart.
If you’re interested in more Target insights and data, here are some interesting and shocking Target statistics and key figures you need to know.
General Target Statistics
Let’s start with general Target Corporation statistics, including market capitalization, Fortune 500 ranking, size, and brand value.
Target: Yearly Revenue
Target’s total revenue in 2023 was $109.12 billion.
Target’s Net Income
Target’s net income for 12 months (ending on July 31, 2023) was $3.373 billion.
Target’s Market Capitalization
As of June 2021, Target valuations in market capitalization were a staggering figure of $129.91 billion. This figure indicated the retailer’s financial strength and competitive brand in the retail industry.
Target’s Fortune 500 Ranking
The retailer and grocer ranked 30th on the Fortune 500 2021 list and was one of the largest employers among the companies on the list.
Fortune magazine ranks publicly-listed and private companies yearly by their annual revenues.
Target Corporation generated more than $106 billion in sales in 2022, making it the seventh-largest retailer in the world. Currently, the chain operates around 2,000 stores in 50 states and employs more than 400,000 people.
Targets Brand Value
Target’s brand value in 2021 was $12.912 million.
Brand value is a company brand’s monetary worth if you were to sell it. Thus, it sheds light on a company’s strength and how its customers and the general public perceive it.
Although Target lowered its 2023 sales outlook due to lower discretionary spending and rising retail theft, the retailer remains optimistic that customers will open their wallets in the upcoming gift-giving season, thus reversing the sales slump.
Target’s Sales Growth
In 2022, the retailer’s annual sales grew by 2.8%, which was impressive since the company experienced significant year-on-year growth between 2020 and 2021.
Target’s Net Sales in 2022
The discount store achieved its highest net sales total in 2022, generating around $107.6 billion or a 14.7% year-on-year increase. Its core merchandise categories delivered double-digit growth.
Food and beverage
Target’s Ecommerce Sales
Between 2018 and 2021, the retail giant experienced significant ecommerce growth, surging around 188.6%.
Online shopping has grown significantly over the past decade, with more people turning to the ecommerce sites of Target and its competitors, such as Amazon and Walmart, for their shopping needs.
Target In-House Brand Sales
Target says about a third of its sales, or around $30 billion, come from its in-house brands, such as Project 62, Cat & Jack, Made By Design, Auden, and All in Motion.
Different suppliers provide Target’s in-house brands, which the store packages and resells under its own label. They are generally cheaper alternatives to popular brands.
Target’s Click-and-Collect Sales
Target’s sales accounted for 67.5% of all click-and-collect sales in the US. Target’s pickup service integrates offline and online shopping.
The retailer started elevating the role of its click-and-collect service in 2021, resulting in the largest share increase of its ecommerce sales (from 38.4% to 43.3%).
Target’s Online Presence
Target has been growing its online business over the past years by investing in new technology and small sort centers.
Target’s Online Sales
While Target’s sales share mostly comes from its physical stores, its ecommerce market share has been growing.
In 2022, Target’s online sales accounted for 2.1% of the total online market share. Additionally, the retailer’s ecommerce platform ranked high in these segments:
Food and beverages
Toys and baby
Furniture and appliance
Target Mobile App Users
The retailer and grocer has around 15.8 million active users on its mobile app, a testament to the company’s success in the digital platform.
The Target app enhances the convenience of online shopping and improves the company’s brand awareness. Additionally, it allows users to enjoy exclusive promos, benefits, and features.
Target market share is continuously growing thanks to its intuitive app.
Target Stores and Facilities in the US and Worldwide
Target has stores and supply chain facilities across the US. The retailer used to have locations in Canada but exited the country in 2015 due to costly renovation needs and lack of leadership.
Target: Total Stores in the US
The number of Total Target stores in the US is over 2,000.
Note: This number does not include the company’s extensive supply chain facilities and headquarters locations.
US States With Target Locations
Target is a general merchandise retailer in all 50 states and the District of Columbia. Consequently, around 75% of the US population lives within 10 miles of a Target store.
Target Supply Chain Facilities
Across the US, Target has 59 supply chain facilities, which include these critical components:
Target Office Locations
Although Target has no retail stores outside the US, it has 30 office locations globally.
Target’s Customer Base
Target has been focusing on giving customers more tailored promotions and a more personalized shopping experience using data analysis.
Target Shoppers: How Many Customers Does Target Have?
According to research by analytics firm Numerator, nearly eight out of ten US shoppers go to Target stores.
Most Target Customers Are Women
Target’s customer base consists primarily of women shoppers.
Around 65% of Target’s customer base is female customers, indicating the retailer’s success in attracting female shoppers.
The Average Target Customer
Target’s buyer persona is a 39-year-old white married woman with a household income of $80,000.
Target Customer Demographics
When analytics firm Numerator used data to create Target’s Corp demographics, it found that Target’s typical shopper is a white suburban mother with an average age of 35 to 44 years, a college degree, and a household annual income of around $80,000.
Target Customers’ Preferred Shopping Day
The report also found that Target stores demographics shop every other Saturday, around 23 trips per year.
Target Customers’ Shopping Expenses
Around 4% of the Target typical shopper’s spending occurs at a physical store, about a third of what she spends at Walmart.
In addition, she often buys Target in-house brands, especially for kid’s apparel, and picks up seven products, which cost $50 on average per trip.
Target is one of the nation’s largest private employers.
Number of Target Team Members
Did you know how many employees the retail giant has? As of 2023, Target’s workforce consists of over 400,000 team members.
Target Employee Race and Ethnicity Statistics (Target Corp. Demographics)
Here are some of the key takeaways of a report about Target employees’ race and ethnicity:
Around 6% of Target employees are African-American.
Fifty-six percent of Target managers are Caucasian.
Sixty-seven percent of Target officers are Caucasian.
Seventy-seven percent of Target’s leadership team is Caucasian.
Sixty-nine percent of Target’s board of directors is Caucasian.
Target Employee Gender Statistics
Around 56% of Target employees are women.
The Average Tenure of Target Employees
The average length of time that Target employees stay with the company is three-and-a-half years.
Salaries of Target Store Team Members (Average Hourly Wage)
As part of the company’s commitment to fair wages and labor practices, the retailer raised its hourly wage for the average employee to $15 in 2020.
According to an Indeed report, Target employees earn approximately $13 to $22.15 hourly.
Target Products and Services
Here are some highlights of Target’s quality products and services.
Number of Products in Target Stores
Target offers approximately 350,000 items at most common Target locations.
As part of the company’s environmental responsibility, it has committed to 100% reusable, recyclable, or compostable packaging by 2025.
Target Drive Up
Target’s drive-up service is available at more than 1,750 locations.
This service allows you to order products using its mobile app, which is available for Android and iOS users. Staff will bring your items to your car when you arrive at your local Target store’s designated drive-up parking space.
Target Partnerships and Owned Brands
Over the recent years, the retailer has steadily increased its merchandise through brand partnerships and private labels. In-house brands accounted for about a third of its total sales in 2022.
Target’s yearly revenue comes from selling merchandise through partnerships and shops-in-shops, such as Ulta Beauty, Disney, and Apple.
Target’s typical shoppers buy in-house brands, which are generally more affordable than mainstream brands.
These are some of the most popular Target brands:
All in Motion
AVA & VIV
Boots & Barkley
Cat & Jack
In recent years, Target made several acquisitions, including delivery services companies, to meet the growing demand for same-day delivery and take advantage of their shopper community and logistics.
Target acquired same-day delivery company Deliv in May 2020.
The retailer and grocer bought tech company Grand Junction in 2017.
The company acquired same-day delivery company Shipt for $550 million in 2017.
It acquired makeup brand Sonia Kashuk in 2015.
Miscellaneous Target Store Statistics
Here are some interesting Target facts.
Proximity of Target Stores to Americans
One of the most interesting Target fun facts is that around 75% of the US population is only a short distance from a Target location (within 10 miles).
Target Store Sizes (Average)
The average size of a Target store is 130,000 to 135,000 square feet. In recent years, the company has opened smaller, neighborhood-oriented stores near/on college campuses and in smaller markets.
Target for Back-to-School Shopping
64% of US shoppers prefer Target for its back-to-school shopping because of its discounts and promos.
Frequently Asked Questions (FAQs)
How Popular Is Target and How Many Target Stores Are There?
The first Target store opened in 1967 in Roseville, Minnesota. After over five decades, the number of Target stores is around 2,000 in all 50 states.
Is It Smart to Invest in Target Right Now?
Yes. According to Yahoo Finance, Target’s stock price hovered around $128 per share in August 2023, trailing its GF Value. In short, the price might be undervalued.
The report added that Target’s share price, which is significantly below the GF Value Line, may suggest long-term returns that are likely much higher than its business growth.
Why Is Target Stock Falling?
Target’s stock is down 20% in 2023, which experts attributed to shifting consumer sentiment and slowing company sales. However, they remain optimistic to see gains in the longer term.
What Made Target So Successful?
Several factors made Target’s business model successful.
The company has invested heavily in its private-label brands to get more sales. Now, these brands contribute to about one-third of its total annual revenue.
It has a large and loyal customer base.
The retailer is successful in delivering an omnichannel shopping experience. You can shop in a physical store and order online from its mobile app or website. You can also order items through its click-and-collect service, which combines online and offline shopping.
Thanks to its wide range of product categories and price points, the company appeals to consumers from the high- to low-income brackets.
Is Target Losing Money?
Yes. Target officials attributed the recent decrease in sales to several factors, including changing consumer spending as more Americans spend less at stores to focus more on experiences.
More than half of Target’s merchandise is discretionary, which consumers do not require daily. These non-essential products include toys, electronics, home decor, and apparel.
Is Target Still a Growing Company?
Yes. The Target Corporation is still committed to providing convenient shopping experiences.
Target also said it would continue creating a more personalized shopping experience, allowing it to remain competitive and position itself for long-term growth.
How Big Is the Typical Target Store?
The average store size is 130,000 square feet, with larger stores around 135,000 square feet.
How Long Has Target Been Around?
The Dayton Company opened the first Target store in Roseville, Minnesota, on May 1, 1962.
How Many Employees Does Target Have?
The retailer has more than 400,000 team members, a number that is continuously growing as it expands its market reach.
The Bottom Line
Target’s success stems from discounted merchandise, excellent omnichannel shopping experience, and affordable but quality private-label brands.
To further entrench itself as one of the leading big-box stores in the US, the company plans to invest $4-$5 billion this year to expand its network of stores and supply chain facilities.
Target is a great place to shop. However, ensure you are familiar with your nearest Target’s hours to avoid wasting time going there only to realize that it’s closed.