In its push to expand into urban markets, Target Corp. has signed a lease to open its fifth small format store in Philadelphia’s Northern Liberties neighborhood.
The retailer signed a lease on 47,000 square feet at 456 N. 5th St., a building that used to house Destination Maternity and is under redevelopment. Target (NYSE: TGT) said it intends to open the store in July 2018.
In very little time, Target has grown its footprint in the city and its stores have proven to fill a void as they sell everything from shampoo and popcorn to televisions and T-shirts.
"Philadelphia is a priority market for Target’s growth with the small-format stores," Kristy Welker, a Target spokeswoman, said in an email.
Last July, it opened a roughly 19,000-square-foot store at 1128 Chestnut St. and last fall opened a 21,000-square-foot store at 1900 Chestnut St. It also recently opened a 47,000-square-foot store in the Ivyridge Shopping Center in Upper Roxborough. Read more on PBJ.com.
For the latest business news from around the Philadelphia region, check out the Philadelphia Business Journal.
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