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Scott Olson/Getty Images News Target Corporation ( NYSE: TGT ) announced that it will hire about 100,00 additional seasonal team members as it prepares for strong holiday demand. The hiring plan is consistent with the level of holiday hiring by the Minneapolis-based retailer in each of the last three years. As part of its holiday plan, Target ( TGT ) set its Target Circle Week event for October 6-12.
Target's popular Deal of the Day program is also back, with new one-day-only deals available each day of Target Circle Week. It will also return November 1 through the rest of the season for Target Circle members. In recent years, retailers have been pushing forward their holiday shopping deals well in advance of the traditional Black Friday and Cyber Monday deals just after the Thanksgiving Day holiday.
Deloitte issued an early holiday sales forecast that could create some ripples of worry in the retail sector. The firm thinks that holiday sales will be up between 2.3% and 3.
3% compared with last year. This would take the total to $1.58 trillion to $1.
59 trillion during the November-to-January time period. In 2023, holiday sales grew by 4.3% in the same period.
A key driver of overall retail sales growth in the upcoming season is expected to be e-commerce, per Deloitte. E-commerce sales are seen rising between 7% and 9% during the 2024-2025 holiday season, climbing to between $289 billion and $294 billion. "Although the pace of increase in holiday sales will be slower than last year, we expect that healthy growth in disposable personal income, combined with a steady labor market, will support a solid holiday sales season," stated Deloitte economist Akrur Barua.
Target ( TGT ) typically outpaces the broad retail market during the holiday season, but has had trouble keeping up with Amazon's ( AMZN ) sales tallies. Target ( TGT ) enters this holiday season with some modest sales momentum, which the company is looking to tap into with its promotional cadence. "Consumers are getting ready for one of the most exciting times of the year, which is why we're leaning into the magic of Tarzhay like never before — with an assortment, value and experience only Target can deliver," said Target ( TGT ) Chief Commercial Officer Rick Gomez.
"From only-at-Target exclusives to the return of Target Circle Week and great deals every day, our plans are unmistakably Target and will add extra sparkle and delight to the holidays," he added. More on Target Bullseye! Target Is Back Target Corporation (TGT) Q2 2024 Earnings Call Transcript Target: Undervalued And Poised For A 2024 Turnaround, Strong Buy Standouts among consumer categories amid shifting market dynamics Retailers charge cash-back fees to consumers on smaller supply of free cash access points: CFPB.
