NEW YORK CITY—Target plans to open three small format stores in New York City as part of its nationwide strategy to attract younger shoppers. This includes expanding into urban areas, dense suburban neighborhoods and near college campuses where its traditional big box stores just don't fit.
The retailer is on track to have 130 small format stores nationwide up and running by the end of 2019.
The nation's second largest retail discount store will open small stores on Manhattan's Upper East Side, in Astoria, Queens and on Staten Island. These three stores will each employ approximately 50 to 100 workers.
“As we continue to expand our footprint with small format stores throughout New York, we strive to provide a convenient, one-stop shopping experience customized for locals, commuters and visitors in each unique neighborhood,” says Mark Schindele, SVP, properties, Target.
As examples of differentiating the stores, Target points out the Upper East Side store will feature a broader assortment of beauty products and convenience foods. The Staten Island store will offer services like a CVS Pharmacy and Starbucks, and the Astoria, Queens location will focus on home décor, apparel basics and technology products.
On the Upper East Side, Target leased 22,600 square feet of retail space at 1201 Third Ave. near the intersection at E. 70th Street. The store will be at the base of TF Cornerstone's residential rental building. The luxury apartment complex, called The Fairfax, once housed FBI headquarters.
Richard Skulnik of Ripco represented Target in the transaction, and Andy Kahn and Christian Stanton of Cushman & Wakefield represented TF Cornerstone.
This will be Target's seventh location in Manhattan, including its department store in Harlem, and two small format stores in Tribeca and Herald Square. Target will also open Lower East Side and East Village stores in summer 2018, and a Hell's Kitchen store in 2019.
The Staten Island store will be Target's first small format store in that borough. Target has signed a lease with Kimco Realty for 46,000 square feet as the sole tenant in the Forest Avenue Plaza, near the intersection of Forest Avenue and Marianne Street. It plans to open in 2019.
The Astoria location is scheduled to open in 2022. It will be Target's third small format store in Queens, alongside the Forest Hills location and the Jackson Heights store to be opened in 2019. Target signed a lease with A&H Acquisitions, contingent upon development approvals. The 47,000 square-foot store will be located on 31st Street, between Ditmars Boulevard. and 23rd Avenue.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
