PR Newswire
MINNEAPOLIS, March 17, 2022
Retailer announces most sustainable store yet, which will test innovations that generate renewable energy and reduce emissions
MINNEAPOLIS, March 17, 2022 /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced its most sustainable store to date, as the site will generate more renewable energy than it needs annually to operate and will test multiple innovations to reduce the building's emissions. The Vista, California, store's retrofit and new features will inform Target's investments in new stores and remodel programs that support its long-term growth and help guide the retailer's efforts to achieve its sustainability goals.
The store will generate renewable energy through 3,420 solar panels across its roof and newly installed carport canopies. The site is expected to produce up to a 10% energy surplus each year that it can transmit back to the local power grid, and Target has applied for net zero energy certification from the International Living Future Institute. The building also features elements to further reduce emissions, such as powering its HVAC heating through rooftop solar panels, instead of natural gas. Additionally, the store switched to carbon dioxide refrigeration, a natural refrigerant, that Target will scale chain-wide by 2040 to reduce its direct operations' emissions by 20%.
"We've been working for years at Target to shift toward sourcing more renewable energy and further reducing our carbon footprint, and our Vista store's retrofit is the next step in our sustainability journey and a glimpse of the future we're working toward," said John Conlin, senior vice president of properties, Target. "Our new stores and remodel programs are designed to help achieve our sustainability goals as we test, learn and scale our innovations over time across our operations."
Sustainability Efforts Underway
Target is building on the many ways it innovates through its stores and facilities to support the company's sustainability strategy Target Forward. The retailer has committed to achieve net zero greenhouse gas emissions enterprise-wide by 2040, and since 2017 Target has already reduced its direct operations' emissions by nearly 27%. One of the ways it intends to reach its net zero goal is through sourcing 100% of its electricity from renewable sources for its operations by 2030.
"Target continues to be a top corporate solar user, and we're excited to see Target double down on its clean energy commitments with new solar carports and energy efficient buildings through this innovative and sustainable retrofit," said Abigail Ross Hopper, president and CEO, Solar Energy Industries Association (SEIA). "We commend the Target team for their leadership and commitment to sustainable operations as the retailer continues to raise the bar for how companies can invest in their business and create a more sustainable future."
Miscellaneous
Statements in this release regarding Target's future investments in new stores and remodel programs, expected results of its renewable energy and emission reduction activities, and expectations regarding its sustainability strategy and commitments are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause Target's actions to differ materially. The most important risks and uncertainties are described in Item 1A of Target's Form 10-K for the fiscal year ended Jan. 29, 2022. Forward-looking statements speak only as of the date they are made, and Target does not undertake any obligation to update any forward-looking statement.
About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center and by following @TargetNews.
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SOURCE Target Corporation
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