April 18, 2002

Ellen Qualls
(804) 786-2211, x2379

Douglas Kline
Target Corporation
Jill Lawrence
(804) 371-0049
Target Announces 500 New Jobs In Suffolk
-Governor Warner lauds Target’s $65 million investment-

SUFFOLK - Governor Mark R. Warner today announced that Target Corporation will invest $65 million in a new East Coast import warehouse in the City of Suffolk. The investment will allow Target to hire 250 employees initially, and another 250 within three years, totaling 500 new employees for the 1.5 million-square-foot Target Stores facility. Virginia successfully competed with Georgia and South Carolina for the project.

“I am pleased to announce Target Corporation’s decision to locate this East Coast import warehouse in the Commonwealth of Virginia,” said Governor Warner. “Target will benefit from the Commonwealth’s dedicated workforce, positive business climate, and the exceptional worldwide access of the Port of Virginia.”

Minneapolis-based Target Stores, a division of Target Corporation, currently operates 1,081 stores in 47 states nationwide. This import warehouse will serve approximately seven of Target’s 14 distribution centers throughout the eastern United States. Target Corporation gives back more than $2 million a week to its local communities through grants and special programs. Since opening its first store in 1962, Target has partnered with nonprofit organizations, guests and team members to help meet a variety of community needs.

The new Suffolk import warehouse will be located on a 162-acre site at the intersection of Manning Bridge Road and Route 58. Construction will begin this month and is scheduled for completion in summer 2003. Hiring for the facility will begin in the spring of 2003.

“Suffolk and the Commonwealth of Virginia offered Target an excellent opportunity to continue growing our import and distribution business,” said Mitch Stover, vice president, distribution, Target Corporation. “We look forward to building a long standing relationship with the City of Suffolk.”

“We are extremely pleased to welcome Target Corporation to our city,” said the Mayor of Suffolk, Curtis R. Milteer. “Suffolk provides an excellent strategic location for this import warehouse between the Port of Virginia and major interstate transportation corridors to quickly bring this product to market. The company's outstanding corporate reputation and their sizeable new facility will create highly desirable new job opportunities and further diversify the tax base of our city.”

Governor Warner approved a $1 million grant from the Governor’s Opportunity Fund to assist the City of Suffolk with site preparation. The Virginia Economic Development Partnership managed the project while the City of Suffolk, the Hampton Roads Economic Development Alliance and the Virginia Port Authority also assisted Target Corporation with its decision. The Virginia Department of Business Assistance will provide workforce training services.

“Target and the Port of Virginia enjoy a significant level of business that will enhance Target’s overall global supply chain method,” said J. Robert Bray, executive director of the Virginia Port Authority. “Their decision to make this investment corresponds with the Port’s long-term strategic plan to attract such businesses to the Commonwealth.”


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