The success of Target’s small-format stores popping up in urban centers and on college campuses across the country is no secret. During an investor conference in March, Target CEO Brian Cornell talked growth plans for its small-format concepts, indicating the Minneapolis-based retailer is on track to open about 30 new small-format stores each year, according to a Sentieo transcript of the conference.
“And just like our remodel program, we’re fine-tuning our approach with each project,” said Cornell. “Collectively, these stores are well past the $1 billion threshold for annual sales. Per square foot, they’re much more productive than our average stores. And if you’re watching these closely, you might detect a new trend. We’re opening up Target stores near America’s most iconic tourist destinations: Times Square, Disney World and the Las Vegas Strip. Because we learned from our store at Herald Square, there are few places that help travelers feel more at home than Target.”
Target may be taking this feeling “at home” strategy a step further. Denver’s leafy, residential neighborhood of Lowry, a former U.S. Army Air Forces training base during World War II turned family-friendly neighborhood with predominantly single-family homes, will be the new site of an approximately 30,000-square-foot Target. The new store will move into space originally earmarked for a Lucky’s Market, which pulled out of the Exchange at Boulevard One neighborhood in Denver when it declared bankruptcy in January.
“I can confirm Target has plans to open a store in Denver’s Lowry neighborhood. We’re excited to bring an easy, safe and convenient shopping experience to new guests in the community with this new Target store,” a Target spokesperson told WGB. Located at 93 N. Quebec St., the store will also reportedly feature free same-day services such as Order Pick Up and Drive Up. “As we get closer to opening the store, we’ll have more specific details to share, including how the shopping experience will be tailored to serve local guests and the grand opening date,” added the spokesperson.
With a 200,000-square-foot heavily trafficked Super Target just over two miles away from the new location, it seems Target is appealing to a growing consumer base who values the ability to shop quickly—both through online ordering and pickup, as well as by navigating a smaller footprint in-store.
Target Corp. is demonstrating a gritty adaptability in its new wave of urban small-format stores, which are squeezing into places where the traditional multidepartment store would once dare not go.
One of the newest in that wave opened July 21 in Manhattan’s East Village.
The store got off to a somewhat auspicious start: An opening event meant to celebrate the neighborhood’s heritage as a music hotbed was met with mixed reviews. When WGB visited this week, the faux-CBGB decor (a renowned club that dominated the punk-rock scene in the '70s and '80s) was down, but the store appeared to be still finding its footing in areas such as fresh food.
Fresh meat was either shopped down or still filling in by the time of WGB’s visit. The store borders the south end of the massive Stuyvesant Town-Peter Cooper Village residential community and is a block from the Metropolitan Transportation Authority's L train station at First Avenue, bringing massive amounts of foot traffic to the area.
The new store is among 16 “flexible-format” Target stores now opening or in the planning stages in and around New York City. These include units already open in Manhattan’s Herald Square and Tribeca neighborhoods, as well as stores in Forest Hills and Elmont, Queens; Downtown and Bensonhurst, Brooklyn; and Freeport, Long Island.
A Lower East Side Target is set to open later this summer, with units in Jackson Heights, Queens; Manhattan's Upper East Side and Hell’s Kitchen neighborhoods; Staten Island; and Midwood, Brooklyn, set for 2019. A Brooklyn- Kings Highway store is set for 2020, and a unit is coming to Astoria, Queens, in 2022.
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