Target is a large-format general merchandise retailer operating nearly 2,000 stores across all 50 U.S. states, plus digital channels. Target sells a broad mix of products — groceries, essentials, beauty, apparel, home goods, and hardlines (toys, electronics, sporting goods) — at discounted prices, positioning itself around a "style and value" combination that it argues is difficult to replicate. About 30% of merchandise sales come from Target's owned and exclusive brands, which carry higher gross margins than national brands; key owned brands include Good & Gather (food), Cat & Jack (kids' apparel), and Threshold (home). Stores serve as the primary fulfillment hub for both in-store and digital orders, handling over 97% of total merchandise sales. Target's profitability is sensitive to category mix — apparel earns roughly double the gross margin of hardlines — so performance in discretionary categories is a key profit driver. Beyond merchandise, Target runs several ancillary businesses: Roundel, a retail media network generating nearly $2B in annual value; Target Plus, an invitation-only third-party marketplace that surpassed $1B in GMV; and Target Circle 360, a $99/year membership offering unlimited same-day delivery. Target Circle, its broader loyalty program with tens of millions of members, powers personalization and feeds data into Roundel and Target Plus. Target's growth strategy focuses on rebuilding trend-forward assortments, expanding same-day fulfillment, and investing in AI-driven merchandising tools. Target plans roughly $5B in CapEx for FY26, targeting more than $15B in revenue growth over five years.