The Real Deal New York

Tiny Target coming to Tribeca

Big box retailer will open 45K sf small format store next year

Target is thinking big in Tribeca by thinking small.

The national retailer will open its first small format store in Manhattan next year, at a two-story, 45,000-square-foot location at 255 Greenwich Street.

The store will be about a third the size of a regular, suburban Target store. It will feature more city-appropriate home goods as well as a wider range of grab-and-go food options for the neighborhood’s time-poor office workers. It will also offer in-store pick-up of items ordered online, Fortune reported.

Asking rents at the 600,000 square-foot office building, owned by Jack Resnick & Sons, are around $60 per square foot, according to the landlord.

Target previously announced it would also open another small-format store in Brooklyn in 2016. The company also has a traditional big-box outlet location at 517 East 117th Street in East Harlem.

The company operates 18 small locations nationally and plans to add eight more in 2016. [Fortune]Ariel Stulberg