emfizz.com March 23, 2017

Target will open across from Macy's

21 March 2017, 10:44 | Jan Cross

The sign inside of a Target store

The sign inside of a Target store

Target (tgt) said on Monday it would open a store in the shadows of the Empire State Building in Manhattan, this fall, in what will be the biggest test yet of the smaller format the discount retailer is betting on to return to growth.

The discount retailer revealed Monday that it will open a two-level, 43,000 square store in New York City's tourist-heavy Herald Square in October this year. (One way they'll do that: grab-and-go food options will be located near an entrance on 33rd Street, closer to where people would enter Penn Station.) The bi-level store will sell the usual things you'd expect from Target-clothes, cheap housewares, beauty products, etc. -and will also have a CVS pharmacy.

The retail chain Target has announced it's opening a new store in Midtown Manhattan, right across the street from the flagship Macy's store. The "small-format" store concept is being pushed by Target as it expands from the suburbs into dense urban neighborhoods, according to the release. The location, located one block from Penn Station, is now home to many other big box retailers such as Foot Locker, Old Navy and Macy's.

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The new store will also offer an order pickup service that allows shoppers to purchase products online and pick them up at the store, according to the press release. But it doesn't seem like the company is anxious: "It speaks to the strength of the location because today in New York City, if the retailers can't make money, they won't take the location", Anthony Malkin, the CEO of Empire Realty Trust (which brokered the deal), told the Post.

Target already has a smaller format store in Tribeca at 255 Greenwich St., while larger ones are at East River Plaza in Harlem and Atlantic Yards in Brooklyn. Offices tenants that include Macy's and the Michael J. Fox Foundation are upstairs; and also use two entrances.

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