[Photo on Avenue A from last week]
The so-called flexible-format Target store opened yesterday in Tribeca.
I mention this because this is the model for the specialty Target that is set to open on 14th Street and Avenue A in, oh, 2018... the store will anchor Extell's 7-story retail-residential complex...
[Photo from yesterday]
Follow the arrow to the Target...
Here's more on Target's new concept via an article yesterday in USA Today:
The new smaller-format stores are a way of reaching customers who might otherwise have trouble becoming Target stalwarts. Of the 15 new stores Target is opening this year, 14 will be the smaller, more curated models.
The Tribeca store features several hallmarks of Target’s overall strategy to become a one-stop shop for customers, including a section where shoppers can buy fresh, organic groceries, and an emphasis on merchandise categories such as wellness and fashion.
But each of the smaller stores also is designed to cater to the tastes and needs of the specific neighborhood where it is located. The walls of the Tribeca store are decorated with a graffiti-like mural that was drawn with a felt-tip marker.
In a dense section of Manhattan where people rely on the subway and taxis to get around, there is no automotive section, unlike many of Target’s larger suburban locations. (Lack of parking, in fact, is one of the store's bigger challenges.) And in a neighborhood full of professionals and young couples with babies, there are plenty of baby strollers, and smaller furniture that would better fit into tiny apartments.
As previously reported, Target is leasing 27,306 square feet at Extell Development's development. According to a report at the Commercial Observer back in August:
The lease — for 9,500 square feet at grade and 17,806 square feet below ground — is for 30 years, at which time Target could extend it for another 10 years, according to the source and the memorandum of lease. ... The asking rent was $2.5 million per year...
Previously on EV Grieve:
Breaking (pretty much!): Target is coming to 14th Street and Avenue A (54 comments)