From Today’s New York Times…
Target is taking more than 23,000 square feet of ad space on nine signs on the exterior of the lower floors of the skyscraper at 7 Times Square, also known as Times Square Tower, which opened in April.
The deal, to be formally announced today, is estimated to be costing Target $750,000 to $1 million in rent alone, in addition to production and maintenance expenses.
“Manhattan is a very important market for us, and we’re always looking for real estate opportunities,” Ms. Thornton-Greear said, adding that “a number of factors have to come together” before a Target could open there.
Ms. Liebmann, the retail consultant, said she did not believe Manhattan shoppers would be annoyed at seeing so many signs for a chain where they cannot readily shop.
“It will have meaning to consumers whether Target is around the corner or they have to jump on a train to get there,” she said. “For people who do shop Target,” like the many tourists who frequent Times Square, “it’s reinforcement,” Ms. Liebmann added. “And for people who have only heard about Target, it will make them salivate even more at the prospect of an occasional ‘treat trip.’ “
I can’t imagine what would be standing in their way to open, if Target feels that spending close to a Million bucks a month in Ad Rent is a good idea with no store to shop in the area. Speaking only for myself, I know there is nothing I like better than the prospect of train travel to bulk shop for treats. It’s so nice to go completely out of my way to buy things I really did not need, but thought were kinda cool because the price was low.
Are they taking crazy pills or what??