General merchandise retailer Target Corp has become the latest retailer to cut jobs, with the announcement it is laying off around 475 employees globally. 

"As an organisation, Target continually assesses our operating model to ensure we are well-positioned to adapt to changing business needs," the retailer said in a statement sent to just-style today (24 January). 

"We believe these decisions, while difficult, are the right actions as we continue to focus on transforming our business. We will continue to invest in key business areas to strengthen our ability to compete and thrive well into the future."

The move comes two weeks after department store retailer Macy's said it would lay off some 2,500 workers in a round of cost reductions designed to save the business about US$100m a year.