Target has struck a deal with Shopify to allow Shopify merchants to apply to sell products on Target's third-party marketplace, Target Plus. Third-party marketplaces allow retailers to expand product selection without spending on inventory while earning commissions from third-party sales. Target is struggling to revive sales growth amid declining consumer spending on discretionary items and stiff competition from grocery chains like Walmart. The retail giant has had four consecutive quarters of declining comparable sales and overall sales drops in three of the past four quarters. Target's stock has underperformed compared to the broader market, with only a 2% increase versus the S&P 500's 15% rise, and remains significantly below its peak during the Covid pandemic.
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00:00It's Benzinga, and here's what's on the block.
00:02Target has struck a deal with Shopify to allow Shopify merchants to apply to sell products
00:07on Target's third-party marketplace, Target+.
00:11Third-party marketplaces allow retailers to expand product selection without spending
00:15on inventory while earning commissions from third-party sales.
00:19Target is struggling to revive sales growth amid declining consumer spending on discretionary
00:23items and facing stiff competition from grocery chains like Walmart.
00:28The retail giant has had four consecutive quarters of declining comparable sales, and
00:32overall sales dropped in three of the past four quarters.
00:36Target's stock has underperformed compared to the broader market, with only a 2% increase
00:40versus the S&P 500's 15% rise, and remains significantly below its peak during the COVID
00:46pandemic.
00:47For all things money, visit Benzinga.com.