Much to retailers' surprise, old man winter didn't deter consumers from the post-holiday clearance sales. Merchants posted better-than-expected January results despite the dreadful weather that had caused many analysts to cool their forecasts.
After a stronger-than-expected spring, summer doldrums have hit harder than usual. Merchants' second-quarter reports and a slow economic recovery means retailers have to work hard to boost sales for the year.
Target plans to announce a $1 billion renovation program that will include a revamping its existing stores, experimenting with smaller store openings in urban areas and an expansion abroad over the next decade.