CHICAGO (CBS) – One of the biggest retailers in the country may be moving to the Loop. Sources said that Target is looking at the old Carson Pirie Scott location on State and Madison.
CBS 2’s Dorothy Tucker reports on what the move could mean to the neighborhood and to shoppers.
It’s two stories of massive retail space that’s been empty and available since 2007, when Carson Pirie Scott moved out of its State Street store.
Experts agreed on Friday that Target might move in next year.
“I think the lease is pretty close to being signed,” Morningstar retail analyst R. J. Hottovy said.
The developer that manages the building would only say “We cannot comment until we have a signed lease.”
But the word that Target might be coming to the neighborhood is out.
“I think it’s a good idea. When we work downtown it’s a lot easier to get your shopping done on your lunch hour,” said shopper Nancy Gonzalez.
If Target moves to State Street, you won’t see the usual sprawling megastore you find at most locations. Sources said the Loop location would be similar to the Target at the Wilson Yard development in Uptown.
Hottovy said it has to be smaller to fit into its urban space, so expect a different mix of merchandise.
“The amount of grocery store products may be bit heavier than you’d see in traditional stores,” Hottovy said.
The upscale discounter likely will use groceries and some of its traditional products to compete on State Street, according to Hottovy.
“I don’t think anyone should be shaking in their boots, but I think Macy’s has a reason to be concerned along with other boutiques,” Hottovy said. “It’s a massive company and, frankly, they offer lower prices and still infuse a little bit of fashion with some of their products.”
A Target spokeswoman would neither confirm nor deny the rumor on Friday. She said the company never talks about potential store openings because they don’t want disappoint shoppers if they change their minds.