Macy's is getting a new neighbor in Manhattan.
Target is moving in right across from the Macy's flagship store in Herald Square.
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 43,000-square-foot store (considered "small-format" for Target) will be located on West 34th Street between Broadway and Seventh Avenue, according to a press release. It will be Target's third Manhattan location.
The Herald's Square location will offer a grab-and-go eatery - A no-brainer stop for those traveling in and out of Penn Station - as well as a CVS pharmacy, in addition to the standard retail selections characteristic of all Trgaet stores.
At the same time, Target announced it would aggressively expand its network of urban, smaller format stores, which now number 32.
The 92,000 square feet of retail behind the new Studios Architecture-designed curtain wall was once only occupied by Foot Locker at a then-rent of under $27 per square foot.
Target also has plans to open 4 more NY stores by the end of 2019 - Two more in Brooklyn, one in the East Village and another in Hell's Kitchen. Target now operates two stores in Manhattan, located in Harlem and Tribeca, and is planning to expand into the East Village and Hell's Kitchen.
"Target's new 34th Street location concludes ESRT's plans for the successful redevelopment of storage space, office, and retail into 90,000 sq. ft. of retail", said Thomas P. Durels, executive VP and director of leasing and operations for ESRT.