Target Plans to Add More Than 600 Stores

Target Corp. expects to add more than 600 stores within the next five years, giving it a total of about 2,000 stores, executives said. Its shares rose 3%.

Target operates 1,331 stores, including 141 SuperTarget stores that include grocery stores. President Gregg Steinhafel told shareholders at the company’s annual meeting that about a quarter of its new stores would be SuperTargets.

Looking beyond five years, Target can double the number of stores and triple the volume of merchandise it sells before it will exhaust its U.S. growth possibilities, Chairman and Chief Executive Robert Ulrich said.

Minneapolis-based Target is second only to Wal-Mart Stores Inc. among U.S. discount retailers. Wal-Mart had 3,719 U.S. stores as of April 30.

Target shares rose $1.76 to $52.02 on the NYSE.