Target has turned its store in New York City’s SoHo neighborhood into a unique concept store. Inside of an area that resembles the company’s Bullseye logo, the company has “The Drop,” a rotating display of seasonal styles and curated items.
Courtesy of Target
In one of New York City’s most fashion-forward neighborhoods, Target is unveiling its latest effort to keep up with trends and lead the way on style.
The Minneapolis-based retailer, which is in the middle of a turnaround effort and on the cusp of a CEO change, gave a makeover to its big-box store in SoHo at 600 Broadway.
The one-of-a-kind concept store, which opens Tuesday, will have rotating merchandise, curated displays chosen by celebrities and influencers and other kinds of special programming, Chief Guest Experience Officer Cara Sylvester said.
The SoHo store is part of a broader push by incoming CEO Michael Fiddelke to win back Target’s reputation for style and sharp merchandise. When he was named Target’s next leader in August, he said that would be one of his top three priorities, along with improving the customer experience and rolling out technology to make Target faster and more efficient. He will start the role in February, succeeding longtime CEO Brian Cornell.
Target is trying to get back to growth after roughly four years of stagnant annual sales due to self-inflicted challenges and a more difficult economic backdrop. Store foot traffic and sales have fallen as shoppers have responded to sloppier stores, out-of-stock and locked-up items and the company’s decision to roll back key diversity, equity and inclusion programs. Consumers across the country have also become more selective about buying discretionary merchandise, which has long been Target’s sweet spot, as they pay more for necessities like groceries, electricity and housing.
At an event previewing the store on Monday night, Fiddelke described the SoHo location as “a punctuation point” for Target’s sense of style and its plans for the future.
In an interview with CNBC, Sylvester said the store’s merchandise has completely changed. The location, which opened about seven years ago, drew many shoppers and had strong sales, but sold mostly items found in drug and convenience stores, she said. It didn’t carry any of Target’s clothing or home decor, which felt both out of step with the neighborhood and like a missed opportunity for Target, she said.
“We said, ‘This is the style and fashion capital. We have to be able to showcase the best,'” she said, recalling the inspiration for the project.
From start to finish, the store’s redesign took four months as the company raced to get the project done ahead of the holidays, Sylvester said. It has redone the store’s first floor and plans to redesign the basement floor in the coming year, she added.
The SoHo store is reopening at a time when holiday shoppers and tourists flock to the major shopping district for holiday gifts and party outfits — and as Target chases sales across the…
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