Target to Spend $1 Billion on Renovations - TheStreet

Target to Spend $1 Billion on Renovations

Target plans to turn its attention to renovations rather than store openings.
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MINNEAPOLIS (

TheStreet

) --

Target's

(TGT) - Get Report

focus in 2010 will be on store renovations rather than new openings, the company said ahead of its investor meeting on Thursday.

The discounter will spend $1 billion renovating 340 stores during the year, but plans on rolling out less than 10 new locations. These new stores will stock more fresh food.

Target will also expand internationally, with high probability that it will enter the Mexican market. Currently

Wal-Mart

(WMT) - Get Report

operates its WalMex concept in Mexico.

Wall Street Strategies analyst Brian Sozzi says Target could enter Mexico in the next three to five years.

It may also enter Canada or Latin America.

"The combination of these actions should ultimately boost Target's valuation," Sozzi wrote in a note.

-- Reported by Jeanine Poggi in New York.

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