New York City’s trendy Tribeca nabe is about to get a lot more affordable.
Target revealed plans to open one of its smaller flexible-format stores in the downtown area in October of next year. It’s not the Minneapolis-based retailer’s first foray into Manhattan—a traditional big-box location opened in East Harlem in 2010—but it marks a major move into a dense market.
“We’re thrilled we’re finally going to make it there,” Anne Stanchfield, Target’s vice president of flexible formats and localization, told Fortune. “This is the site we’re most excited about in terms of having a great neighborhood and a mix of tourists, office workers and young families.”
The mass-market retailer started testing stores in varying size and assortment in urban areas three years ago, calling them TargetExpress and CityTarget before deciding in August to stick with the more well-known moniker. It now operates 18 such stores around the country.
The Tribeca location at 225 Greenwich Street will be two levels and 45,000 square feet, or about a third of the size of its suburban cousins. Consumers can expect to find groceries, apparel and city-friendly home goods as well as grab-and-go food options. A previously announced flexible-format store is scheduled to open in Brooklyn in July.
“We really have been, over the last couple of years, developing flexible format stores to allow us to get into these areas that have traditionally been hard to get into with a big box,” Stanchfield said.
News of the upcoming New York arrival comes less than two weeks after Target announced it would close 13 of its U.S. stores in January, but plans to open 15 new locations next year. Of those openings, eight will be smaller.