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Target announced recently that it opened its 100th small-format store and finished remodeling its 500th location. The large-scale effort has paid off so far, as the company’s share price has surged to new highs and its most recent earnings report beat analysts’ estimates.

According to COO John Mulligan, Target is on pace to open 30 small-format stores in the U.S. each year, and expects to complete about 300 store remodels in 2020. Mulligan said the smaller stores, which can be as small as 10,000 square feet but average about 40,000 square feet, are twice as productive as the larger stores. And remodeled stores typically show a sales increase of 2% – 4% in the year following the renovations.

According to analysts, Target is appealing to customers because it serves as a reliable one-stop shopping destination. Some analysts believe the company is recession-proof, since it sells necessities in addition to discretionary goods.