March 21, 2017
At least one retailer is still opening new stores: Target announced plans for a “small-format” store in Manhattan’s Herald Square, just across 34th Street from the world-famous Macy’s Department Store at Herald Square.
Unlike Macy’s which is closing stores, Target is expanding rapidly, with plans to open 30 new stores this year nationwide. However, both Macy’s and Target are focused on smaller spaces. Macy’s is shrinking the size of many of its stores. Target is opening new small-format stores, often in dense, urban neighborhoods like Midtown. The Herald Square store will total 43,000 square feet on two floors, when it opens October 2017 in a property owned by Empire State Realty Trust.
“The addition of the Herald Square store location is exciting for Target, as we expand our footprint with small-format stores in Manhattan,” said Mark Schindele, senior vice president of properties for Target.
For comments, questions or concerns, please contact Bendix Anderson