New Loyalty Program Could Be Positive for Target Stock

TGT will launch the new loyalty program next month

To enhance service to its customers, Target Corporation NYSE: TGT )is set to roll out a new loyalty program — Target Circle — nationwide on Oct 6. Courtesy of this program, customers can have a more convenient and customized shopping experience during the upcoming holiday season. The program is free.

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TGT has been testing the program for 18 months in Dallas-Ft. Worth, Charlotte, Denver, Indianapolis, Kansas City and Phoenix.So far, the response has been encouraging,  with more than 2 million customers enrolling for the program. To date, 14 million transactions have been made in the framework of the program.

Target Circle will offer perks that include a free birthday gift, personalized deals that conform with  shoppers’ preferences, early access to special sales throughout the year and  1% back on every item purchased. Also, consumers can vote for their favorite charitable organization, and TGT will make a  donation to the chosen charity.

Customers who have a Target.com, Cartwheel or a Target RedCard account will be automatically enrolled in the program. Meanwhile, new customers can create an account on Target.com or register for the program at Target stores.

TGT is rapidly adapting to the changing retail ecosystem  by enhancing its omni-channel capacities, introducing new brands, remodeling stores and expanding its same-day delivery options. The new loyalty program is part of the company’s game plan for taking on the likes of Walmart (NYSE: WMT), Dollar General (NYSE:DG) and Costco Wholesale Corporation (NASDAQ: COST).

We note that TGT stock,  which has a Zacks Rank #2 (Buy) rating,  has rallied 22% in the past three months compared with the industry’s rise of 15.8%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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