Business
Take a look inside Target’s new fashion-focused store in New York’s SoHo neighborhood
Target has turned its store in New York City’s SoHo neighborhood into a unique concept store. Inside of an area that resembles the company’s Bullseye logo, the company has “The Drop,” a rotating display of seasonal styles and curated items.
Courtesy of Target
In one of New York City’s most fashion-forward neighborhoods, Target is unveiling its latest effort to keep up with trends and lead the way on style.
The Minneapolis-based retailer, which is in the middle of a turnaround effort and on the cusp of a CEO change, gave a makeover to its big-box store in SoHo at 600 Broadway.
The one-of-a-kind concept store, which opens Tuesday, will have rotating merchandise, curated displays chosen by celebrities and influencers, and other kinds of special programming, Chief Guest Experience Officer Cara Sylvester said.
The SoHo store is part of a broader push by incoming CEO Michael Fiddelke to win back Target’s reputation for style and sharp merchandise. When he was named Target’s next leader in August, he said that would be one of his top three priorities, along with improving the customer experience and rolling out technology to make Target faster and more efficient. He will start the role in February, succeeding longtime CEO Brian Cornell.
Target is trying to get back to growth after roughly four years of stagnant annual sales due to self-inflicted challenges and a more difficult economic backdrop. Store foot traffic and sales have fallen as shoppers have responded to sloppier stores, out-of-stock and locked-up items, and the company’s decision to roll back key diversity, equity and inclusion programs. Consumers across the country have also become more selective about buying discretionary merchandise, which has long been Target’s sweet spot, as they pay more for necessities like groceries, electricity and housing.
At an event previewing the store on Monday night, Fiddelke described the SoHo location as “a punctuation point” for Target’s sense of style and its plans for the future.
In an interview with CNBC, Sylvester said the store’s merchandise has completely changed. The location, which opened about seven years ago, drew many shoppers and had strong sales, but sold mostly items found in drug and convenience stores, she said. It didn’t carry any of Target’s clothing or home decor, which felt both out of step with the neighborhood and like a missed opportunity for Target, she said.
“We said, ‘This is the style and fashion capital. We have to be able to showcase the best,'” she said, recalling the inspiration for the project.
From start to finish, the store’s redesign took four months as the company raced to get the project done ahead of the holidays, Sylvester said. It has redone the store’s first floor and plans to redesign the basement floor in the coming year, she added.
The SoHo store is reopening at a time when holiday shoppers and tourists flock to the major shopping district for holiday gifts and party outfits — and as Target chases sales across the country during the critical shopping season. It is one of 42 stores that the retailer has in New York City and nearly 2,000 that is has in the U.S.
“The world looks at New York to see what’s new and what’s next,” Sylvester said in remarks at the launch event. “And we want them to look at Target when they see what’s new and what’s next.”
A look inside Target’s SoHo store
Inside of a merchandise area that resembles Target’s Bullseye logo, the store will have rotating merchandise that’s organized around a theme.
Melissa Repko, CNBC
When customers step inside of Target’s SoHo store, they will enter a long, red hallway that resembles the inside of Target’s Bullseye logo. The area of the store is called “The Drop,” and Target will display merchandise there chosen around themes that feel relevant for the time of year, Sylvester said.
Like most of the store, the rotating area will swap out about every four to six weeks, she added.
As the store opens, The Drop is themed around the holidays — including outfits and items that a shopper may need for going out, lounging at home or giving a gift to a party host. The store displays range across categories, mixing in clothing, home decor, beauty items and more. For example, The Drop currently includes a table of products that a shopper might want if they’re hosting a night at home with friends, such as card games, an espresso martini mix and eye-catching glassware for the cocktails.
Sylvester said the company’s merchants are already working on the next two themes for The Drop, which will be focused on wellness in January, the season of New Year’s resolutions, and Valentine’s Day in February.
Target’s SoHo store has an eye-catching “Beauty Bar” that shows off fragrances, makeup items and more.
Courtesy of Target
Customers can step inside of Target’s “Broadway Beauty Bar,” which is designed for selfies and social media posts. It will have a rotating assortment of Target’s beauty merchandise, including fragrance brands like Fine’ry that are exclusive to Target, and trendy mini versions of face washes, lip glosses and more from national brands.
At launch, Target is featuring items chosen by celebrity makeup artist Katie Jane Hughes.
Along with the “Beauty Bar,” the store sells items typically found at the big-box retailer, including large shampoos, body washes and cotton balls.
Near the beauty area, shoppers can also press a button and snap a black-and-white selfie.
Though the store’s layout is new, it shares a similarity with some of Target’s other New York City locations — some items are locked behind glasses cases that an employee needs to open.
Target will tap celebrities and influencers to pick their favorite Target items for its “Curated By” display.
Courtesy of Target
In the back of the store’s first floor, Target will have a rotating “Curated By” display of items from across the retailer’s beauty, fashion and home categories, picked by celebrities and other creators known for their sense of style. Shoppers can browse and buy that person’s favorites or scan a QR code to see a list of them.
Target’s first Curated By features favorites from Megan Stalter, an actress and comedian who is in HBO’s “Hacks.” Some of her picks include a throw pillow, a pair of hot pink slippers, metallic water bottles and Universal’s “Wicked: For Good” movie-themed clothing items.
Inside of the “Gifting Gondola,” Target will show off exclusive merchandise like plushes from its toy brand, Gigglescape, and items themed around its dog mascot, Bullseye, such as special edition Haribo candies.
Courtesy of Target
Also at the store, shoppers can find Target’s “Gifting Gondola,” which features merchandise exclusive to Target.
Currently, the display includes holiday-themed plush penguins, bears and other products from Target’s toy brand, Gigglescape. It also includes some giftable items themed around the retailer’s bull terrier, Bullseye, including special edition Haribo gummy candies and a Bullseye Pez dispenser.
Over time, Sylvester said Target may introduce some items that are unique to the SoHo store and can only be bought there.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.
Interest rates are widely expected to remain at 3.75% as Bank of England policymakers prioritise curbing above-target inflation while also monitoring economic growth, according to expert analysis.
The Bank’s Monetary Policy Committee (MPC) is anticipated to leave borrowing costs unchanged when it announces its latest decision on Thursday, marking its first interest rate setting meeting of the year.
This follows a rate cut delivered before Christmas, which was the fourth such reduction.
At the time, Governor Andrew Bailey noted that the UK had “passed the recent peak in inflation and it has continued to fall”, enabling the MPC to ease borrowing costs. However, he cautioned that any further cuts would be a “closer call”.
Since that decision, official data has revealed that inflation unexpectedly rebounded in December, rising for the first time in five months.
The Consumer Prices Index (CPI) inflation rate reached 3.4% for the month, an increase from 3.2% in November, with factors such as tobacco duties and airfares contributing to the upward pressure on prices.
Economists suggest this inflation uptick is likely to reinforce the MPC’s inclination to keep rates steady this month.
Philip Shaw, an analyst for Investec, stated: “The principal reason to hold off from easing again is that at 3.4% in December, inflation remains well above the 2% target.”
He added: “But with the stance of policy less restrictive than previously, there are greater risks that further easing is unwarranted.”
Shaw also highlighted other data points the MPC would consider, including gross domestic product (GDP), which saw a return to growth of 0.3% in November – a potentially encouraging sign for policymakers.
Matt Swannell, chief economic advisor to the EY ITEM Club, affirmed: “Keeping bank rate unchanged at 3.75% at next week’s meeting looks a near-certainty.”
He noted that while some MPC members who favoured a cut in December still have concerns about persistent wage growth and inflation, recent data has not been compelling enough to prompt back-to-back reductions.
Edward Allenby, senior economic advisor at Oxford Economics, forecasts the next rate cut to occur in April.
He explained: “The MPC will continue to face a delicate balancing act between supporting growth and preventing inflation from becoming entrenched, with forthcoming data on pay settlements likely to play a decisive role in shaping the next policy move.”
The Bank’s policymakers have consistently voiced concerns regarding the pace of wage increases in the UK, which can fuel overall inflation.
India’s budget focuses on infrastructure and defence spending and tax breaks for data-centre investments.
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New Income Tax Act 2025 to come into effect from April 1, key reliefs announced in Budget 2026
New Delhi: Finance Minister Nirmala Sitharaman on Sunday said that the Income Tax Act 2025 will come into effect from April 1, 2026, and the I-T forms have been redesigned such that ordinary citizens can comply without difficulty for ease of living.
The new measures include exemption on insurance interest awards, nil deduction certificates for small taxpayers, and extension of the ITR filing deadline for non-audit cases to August 31.
Individuals with ITR 1 and ITR 2 will continue to file I-T returns till July 31.
“In July 2024, I announced a comprehensive review of the Income Tax Act 1961. This was completed in record time, and the Income Tax Act 2025 will come into effect from April 1, 2026. The forms have been redesigned such that ordinary citizens can comply without difficulty, for) ease of living,” she said while presenting the Budget 2026-27
In a move that directly eases cash-flow pressure on individuals making overseas payments, the Union Budget announced lower tax collection at source across key categories.
“I propose to reduce the TCS rate on the sale of overseas tour programme packages from the current 5 per cent and 20 per cent to 2 per cent without any stipulation of amount. I propose to reduce the TCS rate for pursuing education and for medical purposes from 5 per cent to 2 per cent,” said Sitharaman.
She clarified withholding on services, adding that “supply of manpower services is proposed to be specifically brought within the ambit of payment contractors for the purpose of TDS to avoid ambiguity”.
“Thus, TDS on these services will be at the rate of either 1 per cent or 2 per cent only,” she mentioned during her Budget speech.
The Budget also proposes a tax holiday for foreign cloud companies using data centres in India till 2047.
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