Target Corporation (NYSE: TGT) announced Monday it was expanding its grocery store strategy to an additional 30 outlets, including ones in Nashville, Tenn., Cincinnati, Ohio, and Jacksonville, Fla. The stores' rennovations are expected to be completed by October.
The move is part of the Minneapolis, Minn.-based discount retailer's strategy to boost its outlets one-stop shopping convenience by expanding into fresh foods.
The stores that have received these upgrades now have fresh produced and refrigerated-foods aisles, similar to its big competitors, such as Costco Wholesale Corporation (Nasdaq: COST) of Issaquah, Wash., and Bentonville, Ark.-based Wal-Mart Stores, Inc. (NYSE: WMT).
The company has nearly 1,800 stores in 49 states. The company said about 1,100 already have expanded food selections.
Target's share price was trading down Monday by 1.19 percent to $60.64. Most other retailers were also trading down Monday morning.