Target (NYSE: TGT) announced it would be opening its first store on the island of Maui in Hawaii. The company will hire 200 employees to staff the 140,000 square-foot location, which will open its doors in March 2015.
Target announced Jan. 29 it would open nine new stores in Canada, despite facing hardships with their Canadian expansion. The company said it has single store additions planned for Quebec, Manitoba, Alberta and British Columbia.
In addition to its Hawaiian and Canadian expansion, Target is opening 10 new U.S. stores in 2014, from California to New Jersey. Store openings carry on, unbothered by the devastation the company has faced in recent weeks in the aftermath of its data breach.
The breach could cost Target up to $1 billion, a hefty price-tag for the nation's second largest retailer. Between five and 70 million stolen credit and debit cards might have been used for unauthorized purchases. Potential lawsuits, the cost of credit monitoring programs and the money lost from shoppers who won't go near a Target store are adding up.
But Target is continuing with its 2014 expansion plan, adding stores and announcing new exclusive partnerships including a capsule collection with Peter Pilotto and a Sonia Kashuk cosmetics collection for Spring, a new test of Target's smallest urban format to date and an exclusive edition of the new album from Shakira.
Target hasn't yet disclosed how much the company will lose as a result of the breach. "We are not speculating or estimating on the potential financial impact of the breach at this time," spokeswoman Molly Snyder said Thursday, reports the St. Paul Pioneer Press. U.S. banks have already spent $153 million extending branch hours and providing replacement payment cards according to data from the Consumer Bankers Association.
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