Target is bolstering its presence in the Big Apple with a store in the heart of Times Square, CNBC has learned.
The discount retailer has signed a lease to open a small-format store on 42nd Street between 7th and 8th Avenues. The store, projected to open in 2022 at roughly 33,000 square feet, will be Target’s 10th small-format shop in the Manhattan area.
Target has rapidly expanded its presence in the New York area in the past year, including on the Upper East and Upper West Sides and multiple locations on the Lower East Side.
Target’s strategy to move into densely populated areas like New York and to college campuses, with stores that span a fraction of the square footage of a traditional big-box store, has been key to the retailer’s overall success, according to CEO Brian Cornell.
Its small-format shops can be as tiny as 15,000 square feet, with the average being 40,000 square feet, or a third of a full-size store. But they’re small and mighty. Cornell has said these stores are twice as productive as Target’s larger ones… CNBC News