Ready to "Expect More, Pay Less" on State Street? Mayor Richard Daley is.
The outgoing mayor validated rumors Tuesday that Target will lease two floors of the building vacated by Carson Pirie Scott & Co. in 2007.
The discount chain, which has been eying the historic Loop space for more than a year, likely will open at State and Madison streets in 2012.
Target refers to the 125,000 square foot store as a CityTarget, similar to urban locations currently in New York City and scheduled to open in Seattle and Los Angeles.
Chicago Loop Alliance executive director Ty Tabing told Crain's last month the downtown Target would be a "welcome addition," especially because of the included grocery store.
Target is the latest big-box retailer to secure space in a busy Chicago neighborhood. Earlier this year, real estate sources told the Chicago Sun-Times that talks for a Lakeview Wal-Mart were in the final stages.
Wal-Mart wants to move a Neighborhood Market version of the store into 30,000 to 60,000 square feet at 2840 N. Broadway.