Target Comes to the Lower East Side
April 30 2017 - 07:51AM
Dow Jones News
By Keiko Morris
The Lower East Side of Manhattan, a gritty precinct once famous
for crime, junkies and denizens of punk rock, is about to get its
first Target.
The big-box retailer has signed a lease to open a 22,500
square-foot store at the 1.9 million-square-foot development
stretching across several Manhattan blocks called Essex
Crossing.
The move is part of Target Corp.'s expansion into urban areas.
The company, which had 32 small format locations -- stores ranging
from 12,000 to 60,000 square feet -- at the end of 2016, is
expected to have more than 130 by the end of 2019 in cities and
dense suburbs across the U.S.
The new Target will be located on the second floor of the tower
under construction at 145 Clinton St. The property will house a
Trader Joe's supermarket on the lower level and rental apartments
above.
The development venture, called Delancey Street Associates,
includes Prusik Group LLC, BFC Partners, L+M Development Partners
Inc. and Taconic Investment Partners.
Essex Crossing, which extends roughly between Stanton and Grand
streets to the north and south and Essex and Clinton streets to the
west and east, will have 1,061 rental and condominium apartments
and include a movie theater, a bowling alley, a three-block-long
marketplace and a medical facility.
A majority of the retailers that have signed for space at Essex
Crossing are expected to open in 2018, offering services in an area
that has been underserved, said Andrew Katz, a principal of
Prusik.
Target "sees tremendous potential" in New York City, where there
is a dense population and plenty of tourists, making the area one
of the company's priority markets, the spokeswoman said.
Target is using the stores to support its online shoppers,
offering them the ability to order online and pick up purchases in
the store within an hour. The company plans in June to test
same-day delivery service from its Tribeca location, offering store
shoppers the option of having their purchases delivered within a
certain time frame to locations in Manhattan and parts of Brooklyn
and Queens, for a fee.
The Lower East Side location will be one of at least five
expected to open in Manhattan over the next three years. Later this
year, the company plans to open a 40,000 square-foot store across
from Macy's near Herald Square.
Write to Keiko Morris at Keiko.Morris@wsj.com
(END) Dow Jones Newswires
April 30, 2017 07:36 ET (11:36 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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