Target Corp. plans to cut several thousand mostly corporate jobs over the next two years, as part of a new business road map provided to investors.
The targeted workers will be primarily in the company’s Minneapolis home office, said CEO Brian Cornell in a statement, as the company establishes “centralized teams based on specialized expertise.”
The restructuring and other supply chain and technological improvements are expected to save $2 billion. But the discounter also plans to invest around $2 billion in improving its technology and supply chain.
Also on the road map:
– The company will be “channel agnostic” and try to drive digital sales.
– It aims for “newness and differentiation” in style, baby, kids, and wellness—the four merchandise categories that comprise one-quarter of its sales.
– It will tailor assortments to local demographics, climate, and location.
– It will focus on flexible formats like TargetExpress and CityTarget, which cater to urban areas, and test new store layouts.