Target Opens Smaller-Format Store in Tribeca, NYC

Posted by GPShopper Press Coverage on Oct 10, 2016 10:00:00 AM

Article in New York Business JournalnewyorkBJ.png
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ritten by Teresa Novellino

In a test for its growing contingent of smaller-format stores, Target opened a new location in Tribeca, one of Manhattan’s most affluent neighborhoods.

The 45,000-square foot “flexible format” store, as the Minneapolis-based retailer prefers to call them, is about a third the size of the usual Target. It opened shop at 255 Greenwich St., near the Financial District and Battery Park, in space that had been leased out to a Fairway Market grocery store that never opened. Mindful of the preponderance of families in the area, it will sell a larger selection of baby items, and will feature a Chobani Café, in partnership with the yogurt brand. It will also include a mural by a local artist, in keeping with a trend among chain stores to add more of a local flair.

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The Tribeca store encompasses several trend-driven strategies that Target is deploying, one retail expert says.

"You're seeing large retail brands position themselves as the shop next door," said Maya Mikhailov, cofounder and chief marketing officer of GPShopper, which develops mobile retail sites. "You’re seeing them doing that in order to connect with the neighborhood, and to show they don’t have a one-size-fits-all mentality even though they're a large chain."

She points to their selection of baby items as a nod to residents in the area of "Battery Park City," which is also known to residents as "Baby Park City." Another retailer that effectively localizes is Whole Foods, she says, which spotlights its selection of local cheeses and grocery products.

A third trend Target taps into: more flexibility with delivery options.

"More retailers are being pressured for same-day delivery," Mikhailov said. "[The Tribeca store] can be used for buy online, pick up in store, which has been a huge trend," as well as for order online and get it delivered.

"It works well for the retailer, and adds an extra level of convenience for the consumer," she says.

The first Manhattan Target store opened six years ago in Harlem, but the company has been focusing in on New York City openings, as one of the 11 markets Target is focusing on for the new, smaller stores. Other cities, including Chicago, Philadelphia and Los Angeles, are also targeted. In New York, additional stores are slated to open in downtown Brooklyn this fall, and an East Village shop is expected in the summer of 2018.

Read the entire article in New York Business Journal

Topics: Press, Market Research, Omnichannel Retail

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