NEW YORK CITY, March 20, 2017 – Today, Target is announcing plans to open a 43,000 square foot small-format store in Manhattan’s Herald Square, located just west of the 34th Street and Broadway intersection, just one block from Penn Station. Target has signed a lease for the Herald Square small-format store with Empire State Realty Trust (NYSE: ESRT).
Projected to open in October 2017, the Herald Square store will be one of 30 stores Target plans to open this year, and will be the company’s third location in Manhattan, joining the Harlem and Tribeca stores. Additionally, Target has previously announced future plans to open small-format stores in Manhattan, including sites in East Village (projected to open summer 2018) and Hell’s Kitchen (projected to open in 2019).
The company is focused on expanding Target’s small-format stores in dense urban neighborhoods, with New York being a priority market for the company’s growth. Target’s flexible store design allows for stores in smaller locations with assortments that are tailored to meet the needs of local guests.
The two-level Herald Square store will have two entrances, one off of 34th Street, and the other off of 33rd Street. The store will feature modern décor elements, including concrete floors, wood plank walls and ceilings, pendant and LED lighting and elevated merchandise assortment displays.
At approximately 43,000 square feet, the Herald Square store location will provide a quick-trip shopping experience with a curated assortment mix, including:
• Inspiration and style will be emphasized off of the 34th Street entrance, with apparel and accessories.
• Convenient grab-and-go food and beverage items conveniently located off of the 33rd Street entrance. Additional grocery, including a robust, fresh assortment will be available in the store’s lower level.
• Convenient self-checkout lanes will also be located on the store’s first level.
• Apparel for the whole family
• Stationery and home items dedicated to refreshing small living spaces
• Open market grocery department
• Health, personal care and beauty products
• Services will include a CVS Pharmacy and Order Pickup
In addition to the new store’s robust product assortment, Target’s Order Pickup service – the ability to buy online and pickup in store – will provide guests with the convenience of having their orders ready within one hour for pickup and the security of having online orders shipped to, and held at, the store.
“The addition of the Herald Square store location is exciting for Target as we expand our footprint with small-format stores in Manhattan,” said Mark Schindele, Senior Vice President, Properties. “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.”
“Target’s new 34th Street location concludes ESRT’s plans for the successful redevelopment of storage space, office, and retail into 90,000 square feet of retail,” said Thomas P. Durels, Executive Vice President and Director of Leasing and Operations for ESRT. “Target joins Sephora and Foot Locker at the best location on the 34th Street retail corridor, which spans from the Empire State Building to 7th Avenue. We are delighted to partner with Target and deliver once again to ESRT shareholders the bottom line results of our embedded growth.”
Landlord representation was provided by Fred C. Posniak and Shanae Ursini of ESRT, along with Joanne Podell, Ian Lerner and Mary Clayton of Cushman and Wakefield. Peter Ripka, Richard Skulnik and Jeffery Howard of Ripco Real Estate were Target’s broker representation.
Media will have the opportunity to tour the new store when it opens in the fall. Below are renderings of Target’s Herald Square location, and media can download the renderings here.
About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,806 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals millions of dollars a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of December 31, 2016, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 706,000 rentable square feet in the retail portfolio.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT’s control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT’s filings with the SEC. Except as may be required by law, ESRT does not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.
