WSJ: Target says the future is all about smaller stores

Target is focused on opening smaller stores in urban areas and college towns as it battles declining traffic and sales at its fleet of mostly suburban stores, according to The Wall Street Journal.

The newspaper quotes Target CEO Brian Cornell as saying that in the future the retailer could open "hundreds of these” smaller stores, which average around 20,000 square feet.

Cornell told the Journal: “It could be a huge part of future growth outlook over time.”

According to the Journal, Target executives say the retailer is ready to move away from its traditional store model to enter new markets. “We had become really good at stamping out the same store in different markets,” said Chief Operating Officer John Mulligan. “For these formats, we are rethinking everything.”

Read more about Target's new strategy by clicking here.