Target Grocery Sales Grow Following Store Revamp
Target reported its fastest grocery growth in three years after revamping departments to drive traffic. The retailer must now persuade shoppers to buy higher margin goods elsewhere.
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TARGET CORP posted a 7% rise in food and beverage sales during the quarter ended August 1, marking its fastest growth in that category in three years. The expansion is part of an aggressive overhaul led by CEO Michael Fiddelke to turn grocery into a primary foot-traffic driver. However, food carries thinner margins than apparel and home goods, raising pressure to convert snack shoppers into buyers of higher-margin merchandise.
