Retail giant Target Corp. is heading to downtown Los Angeles, part of a growing trend of big-box retailers taking advantage of a beaten-down urban real estate market.
The 7+Fig mall downtown — which has been without an anchor tenant since Macy's left early last year — will get the new Target, which will be smaller than most and carry a different merchandise mix, with a heavy emphasis on food and household basics.
"It's really about trying to magnify the relationship that we have had with those urban central core guests," said John Griffith, executive vice president of property development at Target. "We believe that as we offer them an alternative that is immediately adjacent to where they work, where they live, that we can increase the depth of that relationship."
Expected to open in 2012, the store will be located in a combined space on one floor formerly occupied by Macy's and Bullock's department stores, with offices and storage on other levels.
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