Target executives are also considering the acquisition of former department-store spaces that might come up for sale, though those transactions will most likely happen on a on-off basis and not come in the form of a portfolio, said Douglas Scovanner, the retailer's chief financial officer, during its quarterly conference call. "We remain ready to purchase any site that is suitable for conversion to a Target store and meets our financial criteria," he says.

Target currently operates 1,487 units across the country, 177 of which are Super Targets. Last year the company opened 113 new stores, not including closures and relocations.

Same-store sales for the fourth quarter, which ended Feb. 3, rose 4.8% year over year. Total sales were up 16.3%, to just over $19.7 billion.