Real Estate News

In Coral Gables, OfficeMax is out. Taking its place: Target

In a time when most retailers are cutting back on brick-and-mortar stores, Target is opening stores. And it has set its sights on one of Miami-Dade’s most upscale cities: Coral Gables.

The company announced plans to open a store in 2020 at 1906 Ponce de Leon Blvd., currently home to an OfficeMax that is slated in close in three weeks. The store spans 22,800 square feet, smaller than other Target locations across Miami-Dade but the company says that is part of their strategy.

OfficeMax parent Office Depot has been closing stores nationwide as same-store traffic has dropped in the wake of rising internet sales. Retail analysts expect Target’s upcoming earnings report to show growth, according to Zacks Equity Research.

“Nationwide, Target is focused on opening small-format stores in urban areas, dense suburban neighborhoods and near college campuses — places where a traditional-sized Target store may not fit — to serve new guests and communities with an easy and convenient shopping experience,” wrote Target spokesperson Liz Hancock by email.

The 2020 opening is part of Target’s plan to debut about 30 new locations per year across the country. The company opened its first small-format store in South Florida earlier this week in Miami Beach. The 32,900-square-feet store is located in a vertical shopping center at the corner of Lenox Avenue and Fifth Street.

The company is planning a 49,000-square-foot store at Grove Station on the northwest corner of U.S. 1 and Southwest 27th Avenue. It has not yet set an opening date.

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