Target’s remodeled store in Minneapolis
Target has given its two-level store at Nicollet Mall in downtown Minneapolis a $10 million top-to-bottom overhaul that combines the best of the retailer’s digital and technology upgrades, elevated merchandise presentations and fulfillment services, with a goal to making the shopping experience fast, efficient and fun.
The Nicollet Mall store is just steps away from Target’s headquarters and is the first in the Twin Cities area to feature its next generation of design elements. The location is one of 45 remodels the retailer has completed to date, with 65 more stores on track be renovated throughout the fall.
The overall look of the remodeled Nicollet Mall store is more modern, and features concrete floors, wood-plank walls, LED lighting, and elevated product displays. An oversized custom mural, designed by local artists and located on the second floor, showcases historic moments and landmarks from Minneapolis — including a nod to the Dayton family, who founded Target’s predecessor, The Dayton Company.
In other key highlights:
- Merchandise is displayed in “shops” throughout the store. The beauty department, complete with huge digital screens, looks more like a specialty shop, and home products are displayed in lifestyle settings.
- The remodeled food and beverage department was moved to the front of the store for customer convenience. The redesign features a market of fresh produce and grab-and-go items, and items cross-merchandised so shoppers can quickly pull together meals
- The retailer is testing a “Made in MN” product collection near the second floor entrance, which includes a variety of products from local businesses and makers.
“We’re always thinking about the different ways a guest might want to shop on any given day,” stated Joe Perdew, VP, store design, Target, who heads up the chain’s 175-person design team. “Sometimes, they only have 10 minutes and want to grab an order quickly using Order Pickup. Other times, they have 45 minutes — time to grab a coffee at Starbucks and browse the aisles. And sometimes, they want to shop online from the comfort of their couch. Our goal is to make it a great Target experience no matter which way they choose to shop.”
By the end of 2019, Target expects to have remodeled more than one-third of its 1,800 stores.
Houzz Stat: Where does your market stack up?
“Backlog” refers to the delay or wait time an average firm faces before starting a new midsize project due to its current project commitments.
Wait times to hire a professional vary greatly by location. Right now general contractors and remodelers and design-build firms are most backed up in the Boston metro area, at 13.9 weeks, with greater Seattle and Portland, Oregon, not far behind. Wait times for these renovation professionals are shortest in the Houston area, averaging 2.9 weeks. (Note: research predates Hurricane Harvey devastation in Houston.)
Firms in the West have the longest backlog, according to the Houzz Renovation Barometer Backlog Index. Design-build companies in the western United States report the biggest backlog among all the industry groups in the nation, an average of 8.3 weeks.
Existing home sales slip
Existing home sales declined in August, falling 1.7% to a seasonally adjusted annual rate of 5.35 million. That’s down from 5.44 million in July, according to data released Wednesday by the National Association of Realtors.
The median existing single-family home price was $255,500 in August, up 5.6% from August 2016.
"Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales," said Lawrence Yun, NAR chief economist. "What's ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it's putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale."
For the full NAR release, click here.
Yun said sales in the south were curtailed by the damage of Hurricane Harvey. “Sales will be impacted the rest of the year in Houston, as well as in the most severely affected areas in Florida from Hurricane Irma,” Yun said. “However, nearly all of the lost activity will likely show up in 2018.”