Target is adding Starbucks curbside pickup as it tries to sweeten the shopping experience, especially as consumers buy fewer discretionary items.
The retailer beganat some stores in the fall. The feature allows shoppers to tack on a coffee drink or another Starbucks menu item when picking up groceries, a birthday present or any other curbside pickup order they made online.
Target's curbside pickup service, Drive Up, helped fuel the company's e-commerce and sales growth during the Covid-19 pandemic. The company's annual revenue shot up about $31 billion, or nearly 40%, from the fiscal year that ended in January 2020 to the fiscal year that ended January 2023. Yet, according to Target, curbside pickup has led to more business. Customers who try Drive Up for the first time end up spending 20% to 30% more at Target than they did previously, the company said. That explains why Target has added other features and more items to curbside pickup, including beer and wine.
Shares of Target are down about 12% this year, lagging the approximately 17% gain of the S&P 500 during the same period. The company's stock closed Tuesday at $130.98, down about 1%.
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