Renderings for the new small-format Target in Times Square.
NEW YORK CITY – Target has announced it is opening a small-format store in Times Square, on 42nd Street between 7th and 8th Avenue. The store is the 10th planned small-format store in Manhattan, which is a priority market for the retailer.
Slated to open in 2020, Target leased 33,000 square feet from Tishman Real Estate Services for the small structure, a fraction of the size of its typical stores. The concept behind the small format is to bring a slice of the traditional Target experience to consumers in dense city areas where a traditional store wouldn't fit.
The planned store launch is also a part of the next component of Tishman's recently launched $60 million capital improvement plan for the entertainment and experiential retail complex where Target will set up shop, which is dubbed the E*Walk. The 200,000-square-foot property is dated for completion in 2021.
"E*Walk is a prime location for retailers located along 42nd Street between Seventh and Eighth avenues," said Patrick Smith of JLL in a prepared statement. "The Times Square area boasts over 94,000 passers-by daily and 65 million commuters a year from the nearby subway stations and Port Authority Bus terminal. The next evolution 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.
