Today, Target is announcing plans to open a 43,000 square foot
small-format store in Manhattan’s Herald Square, located just west
of the 34th Street and Broadway intersection, just one block from
Penn Station. Target has signed a lease for the Herald Square
small-format store with Empire State Realty Trust (NYSE: ESRT).
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170320005439/en/
34th Street entrance (Photo: Business
Wire)
Projected to open in October 2017, the Herald Square store will
be one of 30 stores Target plans to open this year, and will be the
company’s third location in Manhattan, joining the Harlem and
Tribeca stores. Additionally, Target has previously announced
future plans to open small-format stores in Manhattan, including
sites in East Village (projected to open summer 2018) and Hell’s
Kitchen (projected to open in 2019).
The company is focused on expanding Target’s small-format stores
in dense urban neighborhoods, with New York being a priority market
for the company’s growth. Target’s flexible store design allows for
stores in smaller locations with assortments that are tailored to
meet the needs of local guests.
The two-level Herald Square store will have two entrances, one
off of 34th Street, and the other off of 33rd Street. The store
will feature modern décor elements, including concrete floors, wood
plank walls and ceilings, pendant and LED lighting and elevated
merchandise assortment displays.
At approximately 43,000 square feet, the Herald Square store
location will provide a quick-trip shopping experience with a
curated assortment mix, including:
- Inspiration and style will be
emphasized off of the 34th Street entrance, with apparel and
accessories.
- Convenient grab-and-go food and
beverage items conveniently located off of the 33rd Street
entrance. Additional grocery, including a robust, fresh assortment
will be available in the store’s lower level.
- Convenient self-checkout lanes will
also be located on the store’s first level.
- Apparel for the whole family
- Stationery and home items dedicated to
refreshing small living spaces
- Open market grocery department
- Health, personal care and beauty
products
- Services will include a CVS Pharmacy
and Order Pickup
In addition to the new store’s robust product assortment,
Target's Order Pickup service – the ability to buy online and
pickup in store – will provide guests with the convenience of
having their orders ready within one hour for pickup and the
security of having online orders shipped to, and held at, the
store.
“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, Properties.
“Not only will we be able to serve the thousands of working
professionals that travel through Herald Square each day, but we’ll
have the opportunity to showcase Target’s exclusive brands and
compelling offers for the many tourists from around the world who
shop in this vibrant neighborhood in Manhattan.”
“Target’s new 34th Street location concludes ESRT’s plans for
the successful redevelopment of storage space, office, and retail
into 90,000 square feet of retail,” said Thomas P. Durels,
Executive Vice President and Director of Leasing and Operations for
ESRT. “Target joins Sephora and Foot Locker at the best location on
the 34th Street retail corridor, which spans from the Empire State
Building to 7th Avenue. We are delighted to partner with Target and
deliver once again to ESRT shareholders the bottom line results of
our embedded growth.”
Landlord representation was provided by Fred C. Posniak and
Shanae Ursini of ESRT, along with Joanne Podell, Ian Lerner and
Mary Clayton of Cushman and Wakefield. Peter Ripka, Richard Skulnik
and Jeffrey Howard of Ripco Real Estate were Target’s broker
representation.
Media will have the opportunity to tour the new store when it
opens in the fall. Below are renderings of Target’s Herald Square
location, and media can download the renderings here.
About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests
at 1,806 stores and at Target.com. Since 1946, Target has given 5
percent of its profit to communities, which today equals millions
of dollars a week. For more information, visit
Target.com/Pressroom. For a behind-the-scenes look at Target, visit
Target.com/abullseyeview or follow @TargetNews on Twitter.
About Empire State Realty
Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real
estate investment trust (REIT), owns, manages, operates, acquires
and repositions office and retail properties in Manhattan and the
greater New York metropolitan area, including the Empire State
Building, the world's most famous building. Headquartered in New
York, New York, the Company's office and retail portfolio covers
10.1 million rentable square feet, as of December 31, 2016,
consisting of 9.4 million rentable square feet in 14 office
properties, including nine in Manhattan, three in Fairfield County,
Connecticut and two in Westchester County, New York; and
approximately 706,000 rentable square feet in the retail
portfolio.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify these
statements by our use of the words "assumes," "believes,"
"estimates," "expects," "intends," "plans," "projects" and similar
expressions that do not relate to historical matters. You should
exercise caution in interpreting and relying on forward-looking
statements, because they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
ESRT's control and could materially affect actual results,
performance or achievements. Such factors and risks include,
without limitation, a failure of conditions or performance
regarding any event or transaction described above, regulatory
changes, and other risks and uncertainties described from time to
time in ESRT's filings with the SEC. Except as may be required by
law, ESRT does not undertake a duty to update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170320005439/en/
Target CorporationKristy Welker,
612-716-6025kristy.welker@target.comTarget Public Relations,
612-696-3400Press@target.comorEmpire State Realty TrustDana
O’Donnell,
212-850-2609dcodonnell@empirestaterealtytrust.comStacey-Ann Hosang,
212-736-3100shosang@empirestaterealtytrust.com
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