DAYTON HUDSON ANNOUNCES $1 BILLION GROWTH PLAN FOR 1992
DAYTON HUDSON ANNOUNCES $1 BILLION GROWTH PLAN FOR 1992 MINNEAPOLIS, Nov. 22 /PRNewswire/ -- Dayton Hudson Corporation
(NYSE: DH) today announced it will invest approximately $1 billion in remodeling existing stores, upgrading systems and constructing new stores in 1992. The 1992 capital plan will approximately equal the corporation's 1991 capital spending.
"These investments will boost our market share over the long term and position us for stronger performance in the economic recovery," said Kenneth A. Macke, chairman and chief executive officer. "Despite the weak economy now, we see many opportunities to build our business in various markets. Our corporate-wide retail square footage will grow at an average rate of 8 to 10 percent over the next five years," he said. Dayton Hudson allocates capital first to remodel existing stores and upgrade systems, then to expand in existing markets and, finally, to expand in new markets. Allocation plans are flexible and are based on each division's performance, according to Macke. In 1992, Target and Mervyn's will remodel 30 stores and 15 stores, respectively. The Department Store Division will complete the remodeling of the State Street Marshall Field's store and the remodeling and expansion of Field's Water Tower Place store, both in downtown Chicago. Remodeling also will begin at three other Field's stores. Target plans to increase its retail space by 5.5 million square feet in 1992, opening approximately 40-50 stores. Stores will open in existing markets in California, Minnesota, Tennessee and Florida. Stores also are set for new single-store markets in Texas, Wisconsin, Florida and Washington. Mervyn's will increase its retail square footage by approximately 9 percent in 1992, adding 20-25 stores in existing markets in California, Florida (including several recently acquired Jordan Marsh stores), Texas and Washington. The Department Store Division will open a new Hudson's store in Michigan during 1992. The company said it expects its debt ratio to decline steadily to the mid-50-percent range by 1996. -0- 11/22/91 /CONTACT: (Media) Ann H. Barkelew, 612-370-6600 or (Investor) James R. Eckmann, 612-370-5529, both of Dayton Hudson/ (DH) CO: Dayton Hudson Corporation ST: Minnesota IN: REA SU: KH -- MN002 -- 6269 11/22/91 09:37 EST
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|Date:||Nov 22, 1991|
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