A third, small-format Target store will open in Anaheim, replacing a Kmart at 2222 E. Lincoln Ave. that’s closing in mid-July.
The 40,000-square-foot mini-Target is slated to open July 2018. According to the retailer, the store will include:
- groceries (fresh produce, grab-and-go items and meal solutions
- apparel and accessories for women, men and kids
- beauty, health and personal care products
- toys and sporting goods
- assortment of home items
- baby care items
- entertainment and electronics products
- CVS Pharmacy, Starbucks and online order pickup
“While retail continues to evolve, attracting a market leader like Target to Anaheim Town Square reinforces that good quality shopping centers which are responsive to the community will continue to succeed,” Sandy Sigal, president and chief executive of NewMark Merrill Companies, the owner of Anaheim Town Square, said in a statement.
Two other so-called mini-Target stores are planned for Orange and Irvine.
The smaller locations are a focus for Target, which wants to grow the brand in urban areas and college campus markets. The retailer plans to operate more than 130 small-format stores by the end of 2019.
The new stores are part of a $7 billion plan by Target to boost its bottom line after weak fourth-quarter earnings.
The retailer’s stock rose the most in six months Wednesday after its first-quarter sales decline was less severe than analysts projected. Earnings also sailed past Wall Street’s most optimistic estimates, helped by a sales uptick in March, and the company gave a brighter outlook for the full year. Target had been down 25 percent this year through Tuesday’s close, hampered by concerns that it was losing ground to rivals.
Chief Executive Officer Brian Cornell has touted the company’s turnaround plan, which will lower prices, refurbish more than 600 locations and introduce a dozen new exclusive brands. Cornell unveiled the first Wednesday, Cloud Island, a line of 500 bath, bedding and decorative items for baby nurseries.
Last August, Target announced Irvine would be the home of its first flexible-format store in Orange County. The store, at 4255 Campus Drive, Suite A150, is in former a 24 Hour Fitness. It will open July 19.
In December, the chain announced plans to bring a second flexible-format store to Orange. That mini-Target, at 41,700 square feet, will be in…