Target is considering the creation of a paid membership program akin to Amazon Prime or Walmart +, reports Bloomberg News, citing sources familiar with the matter.
The new program, internally titled Project Trident, could launch as soon as this year.
The unnamed sources said that the program would be like Target’s current Target Circle free membership that offers deals and rewards on purchases, however, would offer additional benefits for a fee. Some speculate that the offering could incorporate Shipt, the Target-owned grocery delivery platform acquired in 2017.
The retailer has been under pressure after months of declining sales as customers reduced discretionary spending, according to the report. Target’s stock has fallen 18 percent over the past year while the S&P 500 Index rose 20 percent.
Many of Target’s competitors, including Amazon, Walmart, and Kroger, have offered paid membership services for years. Kroger launched its Boost membership program in 2022 and has said that it performed better than expected. Full Story