NEW YORK — Target will plow $4 billion into its business each year for the next several years to redo its stores and add new ones as well as speed up its delivery network, as the discounter aims to keep up with increasingly demanding shoppers shaped by the pandemic.

As part of the investments, announced Tuesday, Target will accelerate the pace of building small-format stores, with plans to add 30 to 40 new stores this year, up from 29 last year. It also will step up the pace of its store remodel program. It will remodel 150 stores this year, and then push that number to 200 remodels a year later.