Target to open new Herald's Square storefront
It seems like the only retail news lately seems to be bleak for brick-and-mortar storefronts, full of store closings and a very apparent shift toward e-commerce and online shopping.
But for some companies, its an opportunity to capitalize on opening stores in stronger locations, particularly places where tourists and the general public will always be looking to spend money.
And it looks like Target's newest plan is doing just that.
So if you're a fan of the discount retailer, rejoice — Another massive Target superstore is set to open this fall in New York City's iconic Herald's Square.
If that location sounds familiar to you, it's because it's home to the famous Macy's flagship store, which will stand just across the street from the new Target.
The 43,000-square-foot storefront will be a part of a larger retail complex that consists of 92,000 square feet of retail space, including a Sephora and Foot Locker.
This will be the third Target in Manhattan and the 13th in the five boroughs — The other Manhattan storefronts are located in East Harlem and TriBeCa, with other NY locations spread throughout Queens, Brooklyn and the Bronx.
Target also has plans to open 4 more New York stores by the end of 2019 — Two more in Brooklyn, one in the East Village and another in Hell's Kitchen.
The Herald's Square location will offer a grab-and-go eatery — A no-brainer stop for those traveling in and out of Penn Station — as well as a CVS pharmacy, in addition to the standard retail selections characteristic of all Target stores.
CEO of Empire State Realty Trust, Anthony Malkin, explains why the Herald's Square location (which is owned by his company) is so important to the success of the new storefront:
"Retail is very challenged around New York and it speaks to the strength of the location because today in New York City, if the retailers can't make money, they won't take the location."
The new Target is set to open this October.
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