Target Takes the Hudson River Line
By George Anderson
Target Stores would have loved to take Manhattan for Christmas 2002 if only it could have found a suitable space to locate a store. That didn’t happen, however, so the nation’s number two discount store chose to take the Hudson River line instead.
New York’s Newsday reports that the country’s number two mass merchant “has docked a Target-themed boat on the Hudson River at Chelsea Piers and will open it to shoppers for the next two weeks, beginning today.”
The boat can hold about 150 shoppers and it has 92 gifts on display. According to the report, “Each item has a Post-it note next to it, which shoppers can take to a dockside tent to retrieve and pay for the merchandise.”
John Remington, vice president of event marketing and communications, Target, told Newsday, “Our goal really is to try to figure out a unique way to jump start the holiday season in New York. We’re always trying to think of new and unique ways to surprise our guests.”
In other Target news, the chain exceeded Wall Street expectations when it reported a 50 percent jump in its third-quarter earnings over last year. Net income for the company was $277 million, or 30 cents per share. This compares with $185 million, or 20 cents per share last year.
Moderator’s Comment: Two Questions–
- What is your take on the Target boat?
- What will Target and other big box stores need to
do to make space for themselves in crowded real estate markets?
Target operates stores in the greater NY-metro area including
the boroughs outside of Manhattan. Perhaps the good folks at headquarters in
the Little Apple will get their wish and find space for a store in the Big Apple
by Christmas 2003.
On another subject, our congratulations go out to Mr.
Remington and team. They certainly earned their paychecks with this event.
Anderson – Moderator]
No Land in Sight, Target Sails Into City – Newsday
earnings jump 50 percent for 3rd quarter, exceeding expectations – Associated