Target's CEO Brian Cornell said he expects the retailer will pick up market share in categories like apparel and home as some of its competitors struggle or permanently close their doors.
Sales inside its stores are down, but online same-store sales have doubled.
One factor that has helped Target is the investment it's made to offer customers different ways to shop, including the ability to order online and either drive-up or walk inside to pick-up purchases. It also has Shipt, a same-day personal shopping service that delivers to the home.Target has had weeks when drive-up volume was up to seven times greater than normal, Cornell said.
Even as more customers shop online, Cornell said stores have played a pivotal role: The large footprint of stores across the U.S. allows customers to do same-day pickup and it allows workers to speed up fulfillment of online orders. Target is spending more on worker pay and benefits. The company said it's already spent more than $300 million on coronavirus-related employee expenses, such as paid sick leave, quarantine pay, and access to mental health care.
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