Target has signed a lease to open its first small-format concept store in downtown Boston.
The Beacon Hill store, at 100 Cambridge St., will occupy 11,000 square feet, far less space than a standard-size Target.
In 2017, the retailer said that it would spend $7 billion to revamp its stores and build smaller locations in urban locations and college campuses. The move to downsize its footprint is driving the company’s growth — the company surpassed its earnings estimates this summer and announced its 100th small format store. This year alone, Target expects to open 30 small-format stores nationwide.
Target did not set a date for the opening of the Beacon Hill store, which will be its 50th in Massachusetts. The company also intends to open its first store on the Cape, at the Cape Cod Mall in Hyannis, this fall.
Next in the queue for its Boston presence is a 27,000-square-foot location the Fields Corner neighborhood of Dorchester which will open in 2020. The company will also open a 40,000-square-foot store at the North Quincy MBTA station, anchoring a new mixed-use development there.
“We’re excited to bring an easy, convenient shopping experience to additional guests in the community with these new locations,” said Liz Hancock, a company spokeswoman.
On Tuesday, the company also announced that it will act as the backbone of the newly reanimated Toys “R” Us brand of toy stores. Target said it will be providing the “toy assortment, digital capabilities and fulfillment services” for Tru Kids, the Toys “R” Us parent company.