National retailer Target is moving in on King Street, planning a small version of its big-box store in downtown Charleston.
The Minneapolis-based chain will take over the 30,000-square-foot space at 211 King St., previously occupied by Forever 21 and Saks Fifth Avenue, The Beach Company announced in a press release on Wednesday.
The towering complex at the corner of King and Market streets, known as Majestic Square, is home to a mixed-use retail and office building, with the Target space taking the ground floor.
“We’re excited to bring an easy, safe and convenient shopping experience to new guests in the community with this new Target store,” a Target spokesman told the City Paper. “As we get closer to opening the store, we’ll have more specific details to share, including how the shopping experience will be tailored to serve local guests and the grand opening date.”
The Beach Company said they were determined to find a “world-class” retailer to serve a wide demographic in the landmark building in the city’s business and tourism district. Across the street, Belmond Charleston Place is home to several national and global luxury retailers.
“This ideal location in partnership with Target provides Majestic Square an opportunity to further support downtown Charleston’s residents, area employees and visitors,” said Tom Stockdale, director of commercial asset management with The Beach Company.
While independent businesses struggled during the pandemic, 2020 was good for Target’s bottom line. Profits were up 33% and total sales growth of over $15 billion was more than it saw in the previous 11 years combined, according to CNN.
“We are not shocked by the news of Target coming in and are not naive to the reality that some small businesses in that area likely see it as an attractive ‘anchor’ that may bring customers their way,” said Jordan Amaker, marketing and communications director for Lowcountry Local First. “That’s a win, if that happens.”
Target’s stock price has more than doubled over the past year, from around $90 to nearly $200 today, its all-time high.
Target’s standard big-box stores average about 130,000 square feet, according to the company’s website. Smaller stores in urban areas come in at about 40,000 square feet, on average.
An opening date is expected to be announced closer to the store’s launch.