Target will open more of its small-format stores in big cities [The Business Insider]
Macy's Inc (M)
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Source: The Business Insider
Target will open more of its small-format stores in big cities Kolleen Irwin and her daughter Ariel, 3, shop for groceries at a Target store in Philadelphia, Thursday, Oct. 15, 2009. AP Photo/Matt Rourke NEW YORK (AP) — Target sees its new smaller store in Manhattan as a symbol of where it's headed. The store opening Friday, which is about one-third the size of its average store, will offer same-day delivery and a selection of products more tailored to the local market. The Herald Square store a block away from Macy's is one of 12 mostly small-format stores opening this week in urban markets like Chicago, Los Angeles and Philadelphia. Target opened its first-small-format store in Manhattan a year ago, and currently operates 38 nationwide and plans to open 130 more by 2019. CEO Brian Cornell says sales per square foot at small-format stores in urban markets and college towns are twice that of regular stores. The company started testing same-day delivery at a store in Manhattan
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