Up Close: Take a video tour of Target’s small-format store model
There is no one-size-fits-all strategy when it comes Target Corp.’s fast-growing small-format stores.
The stores are all different, and start as small as 15,000 sq. ft. or less (the smallest to date is in Chicago’s Wicker Park neighborhood and is just 12,800 sq. ft.). The average small-format Target is around 40,000 sq. ft., about one-third the size of a full-size 130,000-sq.-ft. Target.
“The size of each one is based on what we think will best fit and serve the neighborhood,” the retailer stated. In a posting on its website.
Target opened 30 small-format stores last year — double the number it had opened up to that point. It plans to open approximately 30 more each year over the next few years.
To take a look inside two of Target’s small-format stores in the Boston area, click here.
Top 10 Retail Center Experiences: No. 1 Westfield Century City
In a search for innovators in experiential retail, Chain Store Age asked readers to nominate retail centers worthy of being named among the Top 10 Retail Center Experiences in the nation. The editors’ picks start with No. 1 Westfield Century City:
Westfield Century City
If you’re going to spend a billion dollars to renovate an already successful center, you’d better have a lofty goal, and Westfield did. “We wanted Century City to be the home of retail in L.A.,” said Westfield executive VP of leasing David Ruddick.
Ensuring it would be a home worthy of the 21st century, Westfield engaged L.A.-based design guru Kelly Wearstler to metamorphose the space with walkways and gardens peppered with secluded lounges and cabanas, canopies of olive and palm trees, and alfresco dining promenades. Century City offers 50-plus food choices, including L.A.’s own Eataly location.
“What we created was a modern retail resort,” Ruddick said.
In June, The Business of Fashion industry group held its West Coast summit inside Century City, branding it with the imprimatur of “worldwide fashion destination” in the process. Michael Kors, Jon Varvatos, and Gerard Darel are among the names added to the fashion lineup at the new Century City.
Fitness and health figure much more prominently in the renovated center than before. Equinox is joined by such boutique workouts as Gloveworx and augmented by Next Health’s post-workout offerings of cryotherapy and biomarker testing. Century City guests also enjoy amenities such as rotating art installations and app-driven self- parking.
“This is the future. These are the new platforms. If you don’t honor them, you will have only short-term relevance,” Ruddick said.
This is the first in a series profiling the 10 selections from CSA‘s 2018 Top 10 Retail Center Experiences. Stay tuned for daily profiles of the next nine centers from now until Aug. 3.
Phillips Edison & Company merges with REIT
In a 100% stock-for-stock transaction, Phillips Edison & Company has merged with its internally managed real estate investment trust, Phillips Edison Grocery REIT II.
The addition of the REIT’s 86 shopping centers will give PECO a total of 323 properties, perhaps the largest portfolio of grocery-anchored centers in the United States.
CEO Jeff Edison said the deal creates an entity with improved liquidity and greater access to capital markets.
“The combined entity will continue to provide our tenants with the same superior service that they are used to, and we believe the transaction will increase our market prominence as a strong leader in the grocery-anchored shopping center asset class,” Edison told Chain Store Age.
An advisory agreement between REIT II and PECO is terminated with the merger, effectively eliminating $14 million in annual expenses for the REIT.