Renderings for the newsmall-format Target in Times Square.
NEW YORK CITY – Target has announced it is opening asmall-format store in Times Square, on 42nd Streetbetween 7th and 8th Avenue. The store is the10th planned small-format store in Manhattan, which is apriority market for the retailer.
|Slated to open in 2020, Target leased 33,000 square feet fromTishman Real Estate Services for the small structure, a fraction ofthe size of its typical stores. The concept behind thesmall format is to bring a slice of the traditional Targetexperience to consumers in dense city areas where a traditionalstore wouldn't fit.
|The planned store launch is also a part of the next component ofTishman's recently launched $60 million capital improvement planfor the entertainment and experiential retail complex where Targetwill set up shop, which is dubbed the E*Walk. The200,000-square-foot property is dated for completion in 2021.
|"E*Walk is a prime location for retailers located along 42ndStreet between Seventh and Eighth avenues," said Patrick Smith ofJLL in a prepared statement. "The Times Square area boasts over94,000 passers-by daily and 65 million commuters a year from thenearby subway stations and Port Authority Bus terminal. The nextevolution of E*Walk will showcase the best in retail,entertainment, food and experience".
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
