A recovery in discretionary spending next year would favor Target, BofA analysts say
Shares of Target Corp. have had a rough year amid concerns about weaker customer traffic and sales as shoppers continue to reckon with higher prices. But BofA analysts on Thursday said things could get better for the retail chain as it stocks up on new products and remodels stores next year.
But the analysts said those trends, which help customers but hurt retailers’ profits, are fading into the rearview mirror. Elsewhere, the BofA analysts said that Target Circle Week, which ran from Oct. 1 through Oct. 7, could help push transactions higher, and that a new service that allows customers to add a Starbucks SBUX, -1.11% order to their drive-up pickup order should help digital traffic. Target has more than 1,700 stores with Starbucks cafes and drive-up service.
Retail executives over the past year have complained about smash-and-grab robberies and organized retail theft. And Target last month said it would close nine stores in four states, citing theft as a reason.
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