Grocery retailer Target is to look to urban formats, international expansion and ecommerce for future growth with the aim to reach $100bn (£60.72bn) in annual sales by 2017.

Chief executive Greg Steinhafel told investors in New York that Target has identified “hundreds” of potential trade areas for its new CityTarget format, which is debuting in four markets next year. Target will evaluate the results at five pilot stores before rolling the concept out to new markets.

Its Canadian operations, which will officially launch in 2013, are expected to add $6bn (£3.64bn) in sales by 2017.