Showing that it means business, Target CEO Brian Cornell told a meeting of analysts in New York this week that the company is taking action to ensure that events of last year don’t happen again.
The company said its "incredibly complex supply chain" was responsible for unacceptable stock levels in 2015 that hurt sales growth at established stores.
To correct this problem, as well up build up its online growth, the company announced on March 2 that it will invest $2-$2.5 billion annual, starting in 2017, to upgrade its supply chain and technology infrastructure.
This year the company will invest $1.8 billion and last year it invested $1 billion.
"We laid out a bold multi-year transformation agenda last March..and we'll be laser focused on those initiatives in 2016," Cornell told a meeting of analysts in New York, as reported by Reuters.