Target announced Tuesday it will launch its paid membership program next month, rivaling similar programs from Amazon and Walmart.
The membership program, Target Circle 360, will launch on April 7 for an introductory price of $49 for the first year. After May 18, the membership price will increase to $99 per year for members who don’t have a Target credit or debit card.
Target Circle 360 members will have unlimited access to free same-day shipping with orders over $35, free two-day shipping, the ability to return items up to 30 days later and access to automatic deals.
Target’s paid membership option stems from its existing free loyalty program, Target Circle, which will also get a revamp on April 7.
The retail giant is the latest company to enter the paid membership arena. Target’s competitors, like Amazon and Walmart, launched their respective services in 2005 and 2020, respectively.
Amazon’s Prime membership has garnered over 200 million members who typically pay $139 a year for access to fast shipping, the company’s streaming service and other benefits.
On the other hand, Walmart charges $98 for its subscription plan, which offers free shipping, access to Paramount+ and early access to promotions and events.
As for Target Circle 360, company officials debuted the new service as it works to boost weaker sales.
The company’s fiscal fourth-quarter earnings and revenue beat Wall Street expectations but show that comparable sales have declined three quarters in a row, CNBC reported.
