Target to Increase Meal Solutions

ELLIOT ZWIEBACH

ENGLEWOOD, Colo. — Target Corp. plans to expand its P-fresh remodels, which include expanded grocery sections, to 340 more stores this year, up from 100 installations last year, Gregg Steinhafel, chairman, president and chief executive officer, told the annual shareholders meeting here Wednesday.

He also said future P-fresh sections will expand offerings of quick-meal solutions and fill-in groceries, "and there will be a new visual presentation and category improvements."

Minneapolis-based Target has done P-fresh remodels at 200 locations.

Steinhafel said Target plans to open only 13 new stores this year, for a net gain of 10. "We have no defined policy to grow more slowly," he told shareholders, "but the slowdown has been due to lack of high-quality sites at which we could earn adequate returns on our investment. But 2010 will be the low point in the new-store growth trajectory, and that will start to rise in 2011 and 2012."

Shareholders approved a management proposal to elect all directors annually instead of on a staggered basis for three-year terms.

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