43,000-square-foot Target store headed for Herald Square
Big-box retailer Target is opening its newest store across from Macy’s in Herald Square. The store will be the anchor tenant of a 92,000-square-foot retail complex owned by Empire State Realty Trust that will offer more of the usual suspects, in this case Sephora, Swatch and Foot Locker, all behind a new Studios Architecture-designed curtain wall, according to the New York Post.
Steep rent–$1,000 a square foot compared to the $27 a square foot longtime tenant Foot Locker once paid–mean ground-floor tenants need to be confident the spot will bring in dollars. Upstairs, office tenants will include Macy’s and the Michael J. Fox Foundation. Set to open in October, the store’s apparel section will tempt from the 34th-street entrance across from Macy’s, and a second entrance will offer a CVS and snacks.
Though the expected square footage may seem huge, it will in fact be one of the mega-chain’s smaller stores, similar to the Tribeca Target at 255 Greenwich Street; the company’s suburban strip mall stores–where the bulk of their profit is made–are generally well over 100,000 square feet. The smaller stores represent a way for the company to operate in dense, high-traffic urban areas like Herald Square. Another such location, even smaller, is on the way at developer Gary Barnett’s 400 East 14th Street; another is headed for 615 10th Avenue in Hell’s Kitchen. Opening dates for those stores are planned for 2018 and 2019, respectively.
The new stores are part of a recent expansion throughout the five boroughs; in addition to the new locations mentioned above, new stores are on their way to Midwood and the City Point development in Downtown Brooklyn. The latter outpost will be one of the smaller, urban-focused stores, also sharing a space with Foot Locker and Sephora.
[Via NYPost]
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Renderings courtesy of Target.
