Target is just about on the mark with opening its new store in Hell’s Kitchen.
The company signed a lease for retail space at the base of Xinyuan Real Estate’s condominium project at 615 10th Avenue in 2016 and was set to move in last year.
Now, the new store is scheduled to open at the end of 2020, a representative for Target confirmed.
The retail giant will take up about 29,000 square feet of the project’s more than 35,000 square feet of retail space on the ground floor and lower level. There are 82 residential condo units above, according to co-developer Kuafu Properties’ website.
Representatives for Xinyuan and Kuafu did not immediately respond to requests for comment.
Target announced in its second quarter earnings call that it expects to open 27 new stores between now and the end of the year.
In addition to its 10th Ave location, the country’s 8th largest retailer is also set to open roughly 34,000 square feet at 61st Street and Broadway and about 46,000 square feet at 520 Forest Ave in Staten Island, according to Target’s website.
Compared to other retailers, Target has done especially well during the pandemic. The company’s net income soared to $1.69 billion April through June — an 80 percent jump year-over-year. Target’s revenue also spiked to nearly $23 billion, from $18.4 billion at the same time last year.
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