Target (NYSE: TGT) has chosen three New York neighborhoods in its plan to attract younger shoppers and expand in key urban areas.
It expects to operate 130 small-format stores across the U.S. by the end of 2019, and already has smaller stores downtown in New York's Tribeca neighborhood and across from Macy’s (NYSE: M) at Herald Square. The retailer also has a larger location uptown in Harlem.
The plans announced Tuesday for three new small-format locations are on the Upper East Side and Staten Island and in Astoria, Queens.
The Upper East Side store will open in 2019. The Staten Island store, also slated for next year, will be at Forest Avenue Plaza. The Astoria location, will open by 2022.
According to CEO Brian Cornell, bricks and mortar are still a key part of Target's strategy to win more shoppers, who are also increasingly ringing up purchases online. The company has said it's fulfilling more online orders out of its stores, giving them a crucial role in Target's supply chain and aiding in speeding up "last mile" delivery.
Target said Tuesday that shoppers should expect the new stores coming to New York to include amenities like a CVS Pharmacy (NYSE:CVS) and Starbucks (NASDAQ: SBUX) The Upper East Side location will have a broader beauty and food assortment, while the Astoria location will have more home decor.
Target shares gained 41 cents to $69.39
Related Stories
