Target is thinking big in Tribeca by thinking small.
The national retailer will open its first small format store in Manhattan next year, at a two-story, 45,000-square-foot location at 255 Greenwich Street.
The store will be about a third the size of a regular, suburban Target store. It will feature more city-appropriate home goods as well as a wider range of grab-and-go food options for the neighborhood’s time-poor office workers. It will also offer in-store pick-up of items ordered online, Fortune reported.
Asking rents at the 600,000 square-foot office building, owned by Jack Resnick & Sons, are around $60 per square foot, according to the landlord.
Target previously announced it would also open another small-format store in Brooklyn in 2016. The company also has a traditional big-box outlet location at 517 East 117th Street in East Harlem.
The company operates 18 small locations nationally and plans to add eight more in 2016. [Fortune] – Ariel Stulberg