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Target Store to Open Across from Macy’s in Herald Square

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According to the New York Post, the national discount retailer, Target, is preparing to take on Manhattan once again. The retailer will lease 43,000 square feet in anticipation of opening a new store in October. The new location will be on 112 W. 34th street. The new store will be located across the street from the iconic Macy’s store that served as the backdrop for the film Miracle on 34th street.

The Target store will be a small part of a larger 92,000 square-foot retail complex that will include a Sephora, a Foot Locker and a Swatch store.

The grand opening of the new store will feature Target fashions and grab and go food.

According to Target’s senior vice president Mark Schindele, it is the retailers hope that the prime location will attract visitors that flock to and from Penn station as well as the steady flow of tourists that can be seen shopping regularly in the area, which is famous for its mid-range retail stores. “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.”

The recent move to midtown is part of a larger trend for the retailer, as it seeks to revamp its image, from a suburban-based retailer to own that is steadily on the move towards urban pastures. At present, Target has a store in Tribeca at 255 Greenwich Street, East River Plaza in Harlem and Atlantic Yards in Brooklyn. The retailer is also building new stores at 400 E. 144th street that is set to open in 2018, and one at 615 10th avenue in Hell’s Kitchen that will open in 2019.

Anthony Malkin, CEO of Empire State Realty Trust will be Target’s new landlord on 34th street and spoke to the Post of the difficult balancing act that up and coming retailers need to navigate when opening a new location. “Retail is very challenging around New York and it speaks to the strength of the location because today in New York City, if the retailers can’t make money, they won’t take the location.” Time can only tell whether or not Target’s decision to move to the mecca of 34th will be a worth the investment.

The current rental price in the new Herald Square complex is $1,000 per square foot. As part of its effort to afford such high costs, Target will offer customers the option of ordering products online and picking them up at the store.

By: Kristina Stukalenko

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