Target considering new paid membership program - Bloomberg News

(Reuters) -Target is weighing a new paid membership program for its customers similar to Amazon and Walmart, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The new program, internally titled as Project Trident, could launch as soon as this year, the report said.

Target did not immediately respond to a Reuters request for comment.

It will be a late entrant into the market of paid membership and will have to compete with Amazon's Prime, Walmart Plus and Kroger's Boost programs.

Paid memberships usually get customers access to free deliveries on their orders, while getting additional deals and discounts, driving more revenue for companies.

Target has been dealing with sluggish sales over the past year as Americans cut back spending on discretionary products that make a larger part of the retailer's product assortments.

The company already offers a free loyalty program to its customers, called Target Circle, where shoppers can access more deals and discounts on their purchases.

Bloomberg said Project Trident could add could also incorporate Shipt, the grocery-delivery business it had bought in 2017.

Shares of the big-box retailer were up about 2% in premarket trading.

(Reporting by Granth Vanaik in Bengaluru; Editing by Arun Koyyur)