© Reuters. Target (TGT) explores launching paid membership program; shares climb
Target Corp. (NYSE:) is considering launching a paid membership program similar to Amazon Prime or Walmart+, aiming to drive growth and better compete with its larger competitors, Bloomberg News reported.
Known internally as “Project Trident,” this program might be introduced as early as this year, according to the report.
TGT rose more than 2% in premarket trading.
Currently, Target operates a free loyalty scheme, Target Circle, which offers discounts and rewards on purchases.
The proposed paid program is expected to extend beyond these perks, potentially including a fee-based structure. It reportedly might also integrate services from Shipt, the grocery delivery company Target acquired in 2017.
Despite entering the competitive field of paid memberships later than some, the new program could help Target generate extra revenue and strengthen customer loyalty.