Target (NYSE:TGT) will be adding a new small format in the Chicago market, the company's fourth there, as it pursues urban markets with gusto.
The retailer will be taking over a 32,000-sq.-ft. store in the north side neighborhood of Lincoln Park currently occupied by Best Buy.
"Chicago is a priority market," Target spokeswoman Kristy Welker told Crain's Chicago. "With Target's focus on growth in urban locations, the company is able to leverage its strength in flexible store design to fit stores into less traditional, smaller spaces to allow access to all of Target—regardless of store size."
Chicago has also been a test market for Target as it tries to personalize its assortment with items tailored to local needs. The company's new downtown location even obtained a liquor license and serves food and adult beverages to shoppers.
Target has 18 smaller format stores and plans to open 14 more, Welker said. It's all part of the retailer's push into urban markets as big box chains try to make themselves small in a quest for growth.
Flexible formats are a big focus for Target CEO Brian Cornell. Originally developed under different banners—TargetExpress and CityTarget—all formats large and small have been rebranded under the Target banner.
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