Target Unveils Larger-Format Retail Store Plans

The retailer is also gearing up for the holiday season

Deputy Editor
Nov 10, 2022 at 9:43 AM
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Ahead of a highly anticipated holiday season, Target Corporation (NYSE:TGT) unveiled plans to debut a brand new, larger-format store. The space will have 150,000 square feet -- 20,000 more than the chain average -- which will allow the retail giant to better fulfill same-day orders. While Target will open stores of all sizes over the next few years, these bigger stores will be the main focus. 

In response to the news, TGT is fractionally higher, and was last seen up 0.2% at $153.31. The security's recent performance is underwhelming, to say the least. A mid-May bear gap seems to have put a stamp on Target stock's fate for 2022. The fall drove the shares under the $164 level, and rally attempts were thwarted by the $180 area and, more recently, the 140-day moving average. Going further back, Target stock sports a 40% year-over-year deficit. 

Options traders haven't lost faith in TGT, however. This is per Target stock's 10-day call/put volume ratio of 1.99 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This reading sits higher than 78% of readings from the past 12 months, implying a fierce appetite for calls of late.

 

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