Target to spend $1 billion on remodeling stores in 2010

Minneapolis Target will focus on updating existing stores rather than opening new ones this year. The discounter will spend $1 billion renovating 340 stores while opening fewer than 10 new locations.

The company said it plans to incorporate a variety of new merchandise initiatives in the remodeled stores, including expanded grocery offerings, enhanced layout, and an improved in-store experience in a variety of other merchandise areas including beauty, home, electronics and video games.

Target is also developing smaller stores for urban markets and plans to expand outside the United States, most likely in Canada, Mexico or Latin America, beyond a three- to five-year horizon.