Target is bringing two new stores to Manhattan.
The big-box retailer has taken nearly 80,000 square feet on the Upper East Side and Upper West Side, PincusCo reported. Target signed a 20-year, 55,614-square-foot lease at Vornado Realty Trust’s 150 East 86th Street, and a 15-year, 23,562-square-foot deal at the Chetrit Group’s Columbus Square complex at 795 Columbus Avenue.
Target is represented in New York City by Richard Skulnik of Ripco Real Estate.
The leases come just as New York City begins to reopen, with stores allowed to resume curbside pickup and deliveries since May. The city is currently in the first phase of reopening, which also allows in-store pickups, and is set to move into phase two on Monday.
Target was one of a few retailers who continued paying full rent — to demonstrate they were “still open for business,” some said — even amid the coronavirus. Before the pandemic struck, Target was on a leasing spree in New York City, experimenting with small-format stores.
The chain signed a lease for a 33,000-square-foot store on 42nd Street between Seventh and Eighth avenues in December 2019. The store was set to be Target’s 10th small-format shop in Manhattan. The retailer has leased 334,000 in New York City since last year, including the latest two leases with Vornado and Chetrit.
Overall, Target performed better than other retailers, who struggled to keep afloat as consumer habits shifted to online shopping. Last year, it exceeded analysts expectations, while other retailers floundered. [PincusCo] — Georgia Kromrei