Target has revealed it will launch its new Disney shop locations in 25 select Target stores in October.
Target CEO Brian Cornell and Bob Chapek, chairman of Disney parks, experiences and products, made the official announcement onstage at the D23 Expo in Anaheim, California.
“We’re setting out on a new adventure with Disney to bring magical shopping experiences to our guests,” the company wrote in a press release.
In addition to the in-store experience, which will see 40 additional locations opening by October 2020, the retailer is also rolling out a new digital experience at Target.com/Disneystore on Oct. 4.
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The Disney shops in Target will be around 750 square feet, located near children’s clothing and toys. Each location will feature more than 450 items, including toys, games, apparel and accessories, with more than 100 products that were previously only available at Disney’s own locations.
“Our teams worked closely with Disney to co-develop and design the store experience with features like music, interactive displays, photo ops and a seating area where families can watch Disney movie clips,” Target added.
There will also be a new Target store opening near the Walt Disney World Resort in Orlando in 2021.
For Disney, the deal will help it reach new customers, as it has been experiencing weak traffic at the 300 stores it operates globally. Chapek has previously said there is a 90 percent overlap between Disney and Target customers.
The move could help Target stay on its hot streak. Last week, the company reported earnings and revenue ahead of analyst expectations, revising its estimates upward for the rest of the year. By the numbers, Target reported earnings per share of $1.82, well ahead of the $1.62 expected by analysts pre-release. Profit was up 17 percent year-on-year to $938 million, compared to $799 million, or $1.49 per share at this time in 2018. Revenue increased to $18.42 billion, ahead of the $18.34 billion in sales forecast.
Date: September 05, 2019