If you’re one of the 42,000 people that traverse through New York City’s 34th Street every day, you’ve got a new shopping option starting Friday.
Target has taken over a former Foot Locker store, directly across the street from Macy’s flagship Herald Square location. It’s one of three small format stores opening in and or near New York City, and one of 12 Target stores opening nationwide this week.
The two-story, 43,000-square-foot store — Target’s 55th small format store — showcases a key part of the discount retailer’s strategy. While other retailers like Macy’s and J.C. Penney close stores, Target is leaning into its physical footprint. The big box retailer has plans to open 130 small format stores by 2019.
Target hopes the smaller stores will make it easier for time-pressed shoppers to dart in and out, picking up their purchases. While this Herald Square site won’t quite fulfill the “city that never sleeps” slogan, it gets close. It will be open from 7 a.m. to midnight.
The new stores, and remodeling of existing stores, is all part of the retailer’s $7 billion, three-year investment strategy to improve its digital and physical store experience and efficiency.
“Our strategy is driving results,” CEO Brian Cornell said. “In the first two quarters of the year, our traffic is up, our sales are improving. Because of that we are moving faster and with greater confidence than a few months ago. You will see us accelerate our pace.”
Each small format store is quite different, with the merchandise tailored to local shopper demand. But what is consistent is the productivity of the small format stores.
“Easily, sales per square foot [of small format stores], are two-plus-times that of a regular store,” said Cornell, speaking to media gathered for a preview of the store.
Here’s a peek at what’s inside.