Target is testing a new rewards program that gives shoppers 5 percent off on a shopping trip, each time they spend $500 at the discount store. The loyalty program called REDperks is being tested is an app-based mobile program that is “currently available only by invitation in select markets,” according to Target’s REDperks website. Shoppers earn 10 REDperks points for every dollar they spend.
“We believe this loyalty program is a good addition to Target’s offering as it can help reach less frequent guests who are not interested in opening a REDcard account or who are unbanked,” according to Piper Jaffray analyst Sean Naughton. “We expect the company may talk about new efforts to drive store traffic, REDperks being one, when Q4 results are released next week and at the analyst day the following week in New York.”
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