Dozens of underperforming Target stores across the country are set to close over the next five years.
Wesfarmers confirmed the news during an investor briefing day on Thursday, with a number of stores in the chain to close to achieve a 20 per cent overall reduction.
Wesfarmers department stores chief executive Guy Russo said creating a smaller and more profitable Target would help to secure its future.
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“We’re not going to go after size any more, and we’ll just be a nice new boutique retailer that plays in mid-tier, and I’d like to make sure it’s a profitable mid-tier business,” he said.
It’s believed Target will try to reposition itself as more fashionable brand over the next 12 months, similar to the likes of international fast-fashion giants H&M, Zara and Uniqlo.
It is unknown which Target stores are earmarked for closure at this stage.