Target Plants Flag In Times Square
Slated to open in 2020, Target leased 33,000 square feet from Tishman Real Estate Services for the small structure, a fraction of the size of its typical stores.
NEW YORK CITY – Target has announced it is opening a small-format store in Times Square, on 42nd Street between 7th and 8th Avenue. The store is the 10th planned small-format store in Manhattan, which is a priority market for the retailer.
Slated to open in 2020, Target leased 33,000 square feet from Tishman Real Estate Services for the small structure, a fraction of the size of its typical stores. The concept behind the small format is to bring a slice of the traditional Target experience to consumers in dense city areas where a traditional store wouldn’t fit.
The planned store launch is also a part of the next component of Tishman’s recently launched $60 million capital improvement plan for the entertainment and experiential retail complex where Target will set up shop, which is dubbed the E*Walk. The 200,000-square-foot property is dated for completion in 2021.
“E*Walk is a prime location for retailers located along 42nd Street between Seventh and Eighth avenues,” said Patrick Smith of JLL in a prepared statement. “The Times Square area boasts over 94,000 passers-by daily and 65 million commuters a year from the nearby subway stations and Port Authority Bus terminal. The next evolution of E*Walk will showcase the best in retail, entertainment, food and experience”.