Big-box retailOwned brandsStores as fulfillment hubsRetail media + card profit share
Target is a U.S. general-merchandise and grocery retailer: it buys national brands and its own owned brands (about 30% of merchandise sales), and sells them through 1,995 stores that double as fulfillment hubs for Drive Up, Order Pickup and same-day delivery. Around that store sale it earns a growing set of extras — Roundel ads, a profit share on the TD-funded Target Circle credit card, Target Circle 360 memberships and the Target Plus marketplace. FY2025 (52 weeks ended Jan 31, 2026) net sales were $104.8B (−1.7%) and net earnings $3.71B (−9.4%).
Click any of the 9 blocks below for a plain-language story of how that part of the model works for Target — and how it connects to the others.
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