Target adding three small-format stores in NYC

Target Corp. TGT, +0.52% said Tuesday that it will add three small-format stores in New York City. The stores will each be in a different borough: on the Upper East Side of Manhattan; Astoria, Queens; and Staten Island. Each of the stores will have between 50 and 100 workers. Target's small-format stores are designed for urban and suburban neighborhoods, college campuses and other densely populated areas. The new Manhattan store will be 22,600 square feet, Staten Island will be 46,000 square feet, and Astoria will be 47,000 square feet. The retailer is on the path to having 130 small-format stores by the end of 2019, including three additional Manhattan locations. Target shares are up 27.7% for the past year while the S&P 500 index SPX, +0.41% is up 9.5% for the period.