Target announced on Tuesday, Mar. 5, its upcoming launch of a paid membership program next month, taking cues from rivals Amazon and Walmart. 

The subscription-based service, called Target Circle 360, will debut in early April at $99 per year, with a promotional discount of $49 per year until May 18 for early sign-ups, continuing for credit card holders afterward. 

Target's new paid membership program will feature unlimited free same-day delivery for orders over $35, including one-hour and two-day shipping.

This move comes as Target seeks to bolster its sales despite exceeding expectations in its recent fiscal fourth-quarter earnings. However, compared to the last few years, their recent sales have declined. 

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By joining the trend of retailers monetizing membership fees, Target aims to capitalize on consumer preferences for home delivery, even as curbside pickup gains traction.

"Today, with that same long-term view, we're making strategic investments that expand on our core strengths, further elevate our guest experience and deepen our connection to both current and new guests," said Target CEO Brian Cornell.

Target's home delivery services will leverage Shipt, a company it acquired in 2017, operating similarly to gig-economy platforms like DoorDash. 

The elimination of delivery fees through the membership program could catalyze Target's e-commerce growth, especially considering the decline in digital sales over the past year.

In addition to launching the paid membership, Target plans to enhance its free loyalty program, Target Circle, and credit card offerings, streamlining member benefits. 

Similar to the success of Amazon Prime and Walmart, Target's new subscription services aim to attract more loyal customers and prompt increased spending among subscribers to fuel their "next era of growth."

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