I used to spend hundreds of dollars a year at the local Target store, but I will be taking my business to one of their competitors now.
I bought a Christmas gift for my child in September of this year.

I kept my receipt for the item. I found out maybe two days before Christmas that a relative bought my child the exact same gift. Not a problem, I thought. I have my receipt, I will just take mine back. Imagine my surprise when I found out my receipt was valid until December 18th.
Target informed me that because I didn't have a receipt (I kept correcting them and telling them I did have a receipt), they would accommodate me by allowing me to exchange my item for another item from the same department (toys). I would gladly have exchanged the toy for other items from the store, but they said that was not allowed.
I have since contacted my relative and asked her for the gift receipt (I didn't want to tell her that I had already bought the same item for my child, but Target forced me to do just that). I will be returning the item and I will now do my shopping at a competitor. Target does not sell anything that I need that I can't get from another major retailer.
I feel that Target should re-examine their return policy. I did not buy a seasonal item. The toy is still being sold at the store. The fact that they do not allow local stores to make exceptions (I missed the "return period" by 8 days when I pulled my receipt out) for non-seasonal items still stocked just shocks me. The local store gave me the Target customer service number and I heard the same message from two different people there. It's their policy and there are no exceptions.
I am telling all my friends about my experience and urging them not to do any advance shopping for Christmas, birthdays, etc. if they do shop at Target.