For Target and other retailers, paid memberships are valuable because they bring in additional revenue and deepen loyalty among its customers.
Target is launching a new paid membership program, moving to catch up with rivals whose own subscription plans are well established.
Retailers have been offering perks such as free streaming and fuel savings to lure more people to sign up for memberships. Some offer various price tiers, though it remains to be seen how many programs people will pay for. Target also reported a fourth-quarter profit that beat estimates, and the retailer announced plans to renovate and expand its fleet of stores.
Target has struggled with declining sales as consumers purchase fewer discretionary products with higher inflation and interest rates eroding purchasing power. This shift has prompted Target and other retailers to sell products on markdowns, hurting profits. A controversy around Target’s LGBTQ-themed products further hurt sales last year.Target is on track to recapture growth in sales and customer traffic, as well as market share, executives said.
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