While it might appear that this was the first change made by new CEO Brian Cornell, the company says that the change was planned well before Cornell joined the company. Target’s customers have asked for later hours, a spokesperson told the Wall Street Journal. By staying open later, the company hopes to pick up some customers who might otherwise have gone to Walmart, or a grocery or drug store.
Studies show that most Americans are asleep or watching television at 10 P.M., and only .3% shop at that time. Will it be worthwhile for Target to coax that tiny fraction of the population into their stores? The company plans to re-evaluate the plan after this holiday season. They’re also cutting prices in an attempt to improve store traffic and sales.
Target to Keep Some Stores Open to Midnight in Push for Traffic [Wall Street Journal]