Target Corp. is looking to cash in on the demise of Toys R Us Inc. as it announced plans to expand and renovate toy sections across more than 500 of its U.S. stores in time for the holiday season.

The Minneapolis-based retail chain said Oct. 16 that it will add almost 250,000 square feet of new space for toy departments in its stores by Nov. 2, in addition to refurbishing toy sections in more than 100 stores ahead of the holidays.

The expanded toy departments will feature larger toy items, such as electric ride-on vehicles, playhouses and outdoor playsets, among other items.

Target said it will also add more than 2,500 new toys to its offerings, almost double than a year earlier.

The company added that it will host almost 25,000 hours of family-friendly store events, where children can try out new toys.

The retailer will also launch a new toy hub on its e-commerce site, Target.com, and roll out a digital children's gifting catalog Oct. 28. The catalog will be digitally integrated to the Target mobile app. E-commerce giant Amazon.com Inc. was previously reported to be publishing a toy catalog, possibly similar to Toys R Us' "Big Book" toy brochure.

Target's latest announcement comes a month after the company said it will nearly double its toy offerings for the holiday season.

In an interview with S&P Global Market Intelligence last month, toy trade publication TTPM.com CEO Jim Silver said general merchandisers such as Target and Walmart Inc. are rushing to grab Toys R Us' abandoned market share.

In September, Walmart laid out plans to increase its toy selection at its brick-and-mortar stores and adding more toys on Walmart.com for the upcoming holiday season.