Target just announced a new paid membership tier. Here's what $49 gets you.

– Target says it's soon launching Circle 360, a paid membership tier with unlimited same-day delivery.

– The move ratchets up the competition with similar offerings from Walmart and Amazon.

– Target fulfills 95% of its web and app orders from its fleet of about 2,000 stores.

Target is stepping up the competition with Amazon and Walmart with a new paid membership tier, Circle 360, that offers unlimited same-day delivery.

CEO Brian Cornell said Tuesday that the new Circle 360 service, which will be available starting April 7, will lean heavily on Target's Shipt service to "build unmistakable recognition for Target same-day delivery."

Launched in 2019, Target's Circle program now boasts more than 100 million members who visit five times more often and spend five times as much on average as the typical non-Circle shopper, Target says.

For a promo price of $49 for the first year, Target says, upgrading to the Circle 360 tier can deliver products to members in as little as one hour with no additional fees or markups. It says customers will also have access to Shipt's marketplace of other retail brands.

"It's less than $1 a week of the magic of Target delivered to your door," said Cara Sylvester, an executive vice president at Target who's the company's chief guest-experience officer.

Sylvester also said members could grab "everything from groceries to household essentials to the newest must-have item with no additional fees, no markups, and support from our preferred shoppers."

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