Target the upmarket US discounter opened 45 new stores on Sunday extending its reach into Alaska for the first time. The Minneapolis-based retailer now has 1,685 stores in 48 states nationwide, not yet being present in Hawaii and Vermont.

Target Corporation's retail segment includes large, general merchandise and food discount stores, and a fully integrated on-line business called Target.com. In addition, the company operates a credit card segment that offers branded proprietary and Visa credit card products.

The total number of stores includes more than 175 SuperTarget® stores which have an upscale grocery department including in-store bakery, deli, meat and fresh produce sections. Private label products include Archer Farms, Market Pantry, Sutton & Dodge and Choxie. One of the new stores in Otsego, MN, is a prototype for a new-look SuperTarget which is larger than the current format.

The Target Corporation reported that its net retail sales for the five weeks ended October 4, 2008 increased 2.5 per cent to $5,320 million compared with a year previously although comparable store sales declined 3 per cent.

"Sales for the month of September were below our expectations, reflecting continued daily volatility," said Gregg Steinhafel, president and chief executive officer of Target Corporation.

"Challenges in the current environment, including weak top-line growth in our retail segment and higher net write-off rates in our credit card segment."

This forecast for 2008 is a flat year-on-year store sales in the fourth quarter and a continuation of recent write-off rate trends through the remainder of this year.