Retail is getting smaller.
In an effort to adapt to today’s shifting consumer demands, big-box giants are downsizing their massive footprints and opening small-format stores in metropolitan areas, near suburban neighborhoods and close to college campuses — places where traditional-sized stores aren’t likely to fit.
Walmart, supermarket chain Meijer and Target are among the retailers that have already begun to capitalize on this new generation of shoppers, with the latter announcing plans to introduce more small-format stores in New York City.
Specifically, Target is set to open three stores in New York’s Upper East Side, Staten Island and Astoria neighborhoods that feature products and services tailored to locals. (The first two are scheduled to open next year, and the Queens location will open by 2022.)
While all stores will offer order pickup, shoppers at the UES location will get a broader beauty assortment, those in Staten Island will be greeted by a CVS Pharmacy and Starbucks and Astoria customers will see more home decor, apparel basics and technology products.
“As we continue to expand our footprint with small-format stores throughout New York, we strive to provide a convenient, one-stop shopping experience customized for locals, commuters and visitors in each unique neighborhood,” said Mark Schindele, senior vice president of properties at the Minneapolis–based retailer. “All three of these new stores will offer the best of Target in that borough yet curate the assortment to meet the needs and preferences of the nearby community.”
Target has already revealed that a small-format store will also land in Hell’s Kitchen next year, as it plans to operate 130 small-format stores by the end of 2019.
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