Target Paid Membership Program Reportedly Being Considered

Target shoppers may soon have the option of paying for a membership program similar to what is offered by Walmart and Amazon.

When Will Target Begin Its Membership Program?

According to a recent Bloomberg report, Target's new program could launch as soon as this year. This would be different from the retailer's current free loyalty program, Target Circle, which allows shoppers to earn 1% back on eligible purchases.

"The new program would go beyond that to offer other benefits and require a fee," Bloomberg said in its report.

Both Bloomberg and Reuters reportedly reached out to Target's corporate office for comment, but did not get an immediate response. Bloomberg's initial report was based on people who declined "to be identified discussing private information."

How Much Would Target's Potential Membership Program Cost?

While Target has yet to officially announce a new paid membership program, shoppers can likely expect the cost to be near what's being charged by the retail giant's closest competition.

Target's potential entry into the membership program game would likely compete with the Walmart+ program. A membership costs $12.95 a month and offers same-day grocery delivery, gas savings and scan and go shopping.

Amazon Prime, which offers shipping benefits and other perks, runs $14.99 a month or $139 for an annual membership.

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"Although the retailer would be a relatively late entrant in the paid membership arena, an enhanced membership program could help Target bring in additional revenue and deepen loyalty among its customers," Bloomberg stated in its report.

According to estimates published by SupermarketNews.com, 61% of consumers in the U.S. are Amazon Prime members. The outlet estimated 26% of U.S. consumers are subscribed to Walmart+.