HYDE PARK — Target announced Tuesday it will open a new store in the Vue53 development in Hyde Park.
The retailer will open in late fall 2016 or early spring of 2017 with a 21,000-square-foot store, nearly all of the retail space in the project currently under construction at 1330 E. 53rd St.
The store wil be one of Target’s flexible-store designs, which are considerably smaller than the 170,000-square-foot stores Target has built in the past and will offer items tailored to the community.
The store is expected to include a pharmacy and will offer beauty products, clothing for men and women, home products, electronics, children and baby items, and some groceries and cleaning products.
The developer said the investment by the University of Chicago on 53rd Street, a new Whole Foods and other changes in the neighborhood have made Hyde Park more alluring to national retailers.
“Target is one of the most sophisticated retailers in the world,” said James Hanson, principal at Avison Young, developer of the $75 million project. “They’re very thoughtful when they’re thinking about opening a new store, and when they see an opportunity, there are probably a lot of other opportunities out there too.”
He said the project is looking for three to four retailers to rent out the remaining 7,000 square feet of retail space in the development.
The Hyde Park location will be Target’s fifth flexible design store in Chicago.
Target is also planning to use the flexible design for a 29,000-square-foot store opening at 3200 N. Clark St. next year.
The company has said it focused on opening more urban stores, with plans to create three in Philadelphia, three in New York and two in Los Angeles. In December, Target announced it was opening a store in Lincoln Park at 2650 N. Clark. St.