Target Deepens NYC Presence with Times Square Store Plans
Retail Dive, December 6, 2019
Target plans to expand its New York City presence with plans for a new, 33,000-square-foot, small-format store in Times Square. While other retailers are focusing on e-commerce to reach urban areas, Target has found success with its small-format concept opening in cities and near college campuses. According to John Mulligan, COO of Target Corp., the retailer will continue its plan to open 30 small-format stores per year "because they drive guest engagement and deliver strong financial performance, including much higher than average sales productivity and meaningfully higher gross margin rates compared with our larger format stores."
This new store in NYC's Times Square will be Target's 10th opened or planned small-format store in Manhattan and is expected to open in 2022.