Target plans hundreds of small-store openings

US retailer Target is planning to open hundreds of small-format stores across the country, as the company attempts to reshape its image and real estate assets.

The focus for Target will be on densely populated urban areas, after success in new stores in areas such as the trendy Tribeca in New York City.

The company projected on Wednesday fourth-quarter sales at stores open at least a year to be anywhere from between a 1% fall and a 1% rise. The company has about 1,800 stores currently.

Of the 15 stores that Target is scheduled to open this year, 14 are small-format locations.

In a conference call, CEO Brian Cornell said that he is "increasingly confident" that the company can open hundreds more new stores.

"We think we have the opportunity to enter many, many new neighborhoods," Cornell said.

Target released its third quarter results on Wednesday, breezing past analysts' estimates with the holiday season fast approaching.

Earnings were $608m, or $1.06 per share, for the quarter to the end of October, compared with earnings of $549m, or 76 cents per share for the corresponding quarter in 2015.