By Ed Lowe
Senior Writer
Plans are proceeding for the construction of a new "Super Target" store on the site of a former K-Mart at Peterson and Damen avenues. K-Mart underwent reorganization under the bankruptcy laws several years ago and, in the course of that reorganization, the unit on this site was abandoned and the building has now been demolished. Its retail volume did not meet the minimum requirements of the company under the K-Mart reorganization plan. Ultimately, other smaller stores in the strip mall were forced to close and the property became vacant.
Minneapolis-based Target plans for a 2006 completion of the new store, which will contain 155,000 square feet of retail and storage space and will employ between 100 and 200 people in various non-union sales, management and support jobs. Target, which until recently was the parent of Chicago icon Marshall Field and Co., is now one of the largest retail chains in the country, although its gross sales are still only a fifth of WalMart's, the world's highest grossing retail company. While it competes with WalMart, its merchandise is a little more upscale than that offered by WalMart, which has had its share of difficulties finding approval from City Hall to add stores in the Chicago market.
According to Target spokeswoman Paula Greear, the average size Target store is only about 135,000 square feet. The new installation on Peterson Ave. will be an elevated store with parking on the lower level and under the store. It's expected that there will also be parking available in a lot outside the store. The store will also be LEED Certified, indicating that its construction will reflect a high degree of energy efficiency.
According to Greear, research on the location indicated that this store would not compete directly with the Target store located at Elston Ave. and Logan Blvd. Target management feels that heavy traffic on Peterson Ave. as well as a growing neighborhood north of the store will provide a sufficient customer base to assure the store's profitability.
Target's Peterson property, which was originally developed by the Taxman Group, is by coincidence the home of the first Tax Increment Financing (TIF) District in Chicago. |
