Target looks to make major change in copycat move - and shoppers may see options similar to Amazon Prime or Walmart+

TARGET has big plans in store in attempt to reverse its declining sales and better compete with its rivals.

To increase its business stance, Target is weighing a new paid membership program.

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A NEW PROGRAM

Target has a new paid membership program in the works.

Internally called Project Trident, the program could be launched as early as this year, revealed anonymous sources.

Target already operates its free Circle program, which offers shoppers different deals and rewards, like 1% cashback on all purchases made in-store or online.

The new program would differ in that it would cost shoppers a fee and would offer more extensive benefits.

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It could potentially incorporate Shipt, a grocery delivery business that Target purchased in 2017.

COPYCAT MOVE

Walmart and Amazon are the largest two retailers in the world, giving Target a run for its money.

Thus, Target's scheme to create a paid membership program comes in the wake of competitors' successful paid programs such as Walmart+ and Amazon Prime.

Launched in 2005, Amazon Prime has over 200 million users, which generates the company billions of dollars every year in subscriptions, according to a source.

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At $14.99 per month, Prime benefits include free delivery, a free one-year Grubhub+ trial, access to Prime Video, discounts at Whole Foods, and more.

On the other hand, Walmart+ was launched in 2020 and has over 60 million subscribers.

At $12.95 a month, Walmart+ offers members benefits such as free delivery, discounts on gas, a free Paramount+ subscription, discounted prescriptions, and more.

RAISING REVENUE

In addition to gaining leverage over its competitors, a new paid Target membership program would help the retailer fuel its growth in the wake of a tough year.

The company has faced months of decreasing sales due to consumer pullback and less discretionary spending.

Additionally, the company faced controversy over its Pride Month collection last year, which resulted in backlash and several items being pulled from shelves.

The retailer's stock fell 18% in the past year, while the S&P 500 Index increased by 20%.

Imposing a paid membership program could help Target to increase its sales and customer loyalty.

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In other Target news, some shoppers are not happy about the paid membership - "I’m not paying for anything else" slams one shopper.

Also, check out the viral Target glass tumbler that’s "sold out everywhere" – it’s $10 and way cheaper than the Starbucks version.