TARGET TO OPEN SMALL-FORMAT STORE ON MANHATTAN’S 34TH STREET IN OCTOBER

In News by Brian LiptonLeave a Comment

Minneapolis-based Target Corporation has inked a deal with Empire State Realty Trust (ESRT) to open a 43,000-square-foot small-format store in Manhattan’s Herald Square, projected to open in October, 2017.

The store, which will be located just west of the 34th Street and Broadway intersection, just one block from Penn Station, is just one of 30 stores Target open this years. It will be the company’s third location in Manhattan, joining the previously opened Harlem and Tribeca stores, and Target has previously announced future plans to open small-format stores in Manhattan, including sites in the East Village and Hell’s Kitchen in 2009.

The two-level Herald Square store will have two entrances, one off of 34th Street, and the other off of 33rd Street. The store will feature modern décor elements, including concrete floors, wood plank walls and ceilings, pendant and LED lighting and elevated merchandise assortment displays. It will feature apparel, as well as groceries, health

In addition to the new store’s robust product assortment, Target’s Order Pickup service – the ability to buy online and pickup in store – will provide guests with the convenience of having their orders ready within one hour for pickup and the security of having online orders shipped to, and held at, the store.

“The addition of the Herald Square store location is exciting for Target as we expand our footprint with small-format stores in Manhattan,” said Mark Schindele, SVP of Properties. “Not only will we be able to serve the thousands of working professionals that travel through Herald Square each day, but we’ll have the opportunity to showcase Target’s exclusive brands and compelling offers for the many tourists from around the world who shop in this vibrant neighborhood in Manhattan.”

Added Thomas P. Durels, EVP and director of leasing and operations for ERST: “Target’s new 34th Street location concludes ESRT’s plans for the successful redevelopment of storage space, office, and retail into 90,000 square feet of retail, It now joins Sephora and Foot Locker at the best location on the 34th Street retail corridor, which spans from the Empire State Building to 7thAvenue. We are delighted to partner with Target and deliver once again to ESRT shareholders the bottom line results of our embedded growth.”

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