Target Adding Urban 'flexible-format' Store In Manhattan

Target Corp. said Thursday that it will open its third Manhattan "flexible-format" store in summer 2018. The company's "flexible format" stores are smaller, designed for dense urban and suburban areas and college campuses. The latest store, located in New York's East Village neighborhood, will be about 27,000 square feet across two levels. Among the merchandise will be home items specially made for small living spaces, men's and women's apparel, and a multicultural assortment of health, personal care and beauty products. There are two other Target stores in Manhattan. The company has 23 flexible-format stores, with 28 planned for the rest of 2016 and 2017. Target shares closed up 1.3%, but down 6.2% for the past year. The S&P 500 Index is up 4.9% for the last 12 months.