Target announced plans to open a new store in Chicago on Tuesday, just weeks after revealing big changes to their business model in coming months.
The new store will be in the Hyde Park neighborhood on Chicago’s South Side, located at 1346 East 53rd Street, according to a release. The store is projected to open in late fall 2016 or early spring 2017.
The Minneapolis-based retailer says this store will be one of their new “flexible format” stores, which are smaller than their traditional flagship stores, and carry products more tailored to local residents’ needs. In a push to add more urban stores, as well as stores near college campuses, the new location will be aimed toward both Hyde Park residents and University of Chicago students.
The Hyde Park location will be approximately 21,000 square feet, located in the new Vue53 mixed-use development near the intersection of 53rd St and Kimbark Ave. It is expected to carry an expanded beauty assortment, men’s and women’s apparel, home and kids’ items, electronics, as well as groceries and a pharmacy, Target Mobile, and Order Pickup.
Target currently operates 19 flexible format stores, including 4 in Chicago, with plans to open 18 additional locations over the next two years.
In early March, Target announced "rolling changes in assortment, presentation, freshness, displays, signage" in their grocery selection in the coming year, as well as a new, simpler loyalty rewards program.
The company also made headlines after closing 13 stores throughout the country in January, citing falling profits.