Target launches new paid membership program called Target Circle 360. Here's how it works

The company announced Tuesday that it is relaunching the Target Circle loyalty program, including a new paid version that will launch next monthTuesday that it is relaunching the Target Circle loyalty program, including a new paid version that will launch next month.

The current Target Circle program has more than 100 million members. The relaunch comes as Target aims to copy the success of Amazon’s juggernaut Amazon Prime and follow Walmart’s membership program.Target Circle 360 will launch with a special offer for new members for $49 per year from April 7 through May 18.

In comparison, an Amazon Prime membership costs $15 a month or $139 annually and includes free streaming of its Amazon Video, among other perks. The Walmart Plus program for free shipping costs $12.95 per month or $98 in annual fees.As for its membership program, Target will continue offering its free-to-join membership with personalized deals, member-exclusive sales throughout the year and additional perks and saving.

Revenue rose slightly from a year ago and also topped projections. Comparable sales — those from stores or digital channels operating at least 12 months — slipped 4.4%. But the declines slowed compared with the 4.9% drop in the third quarter and 5.4% drop in the second.“This is a unique moment to clarify our roadmap for growth,” Target's CEO Brian Cornell told investors at the meeting in Manhattan.

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