Target the latest ‘miracle on 34th Street’

Macy’s is getting a new neighbor in Manhattan.

“Cheap chic” discounting giant Target has leased 43,000 square feet for a new store that will open this fall at 112 W. 34th St., across the Street from the Macy’s flagship on Herald Square, The Post has learned.

The Target store will anchor a 92,000-square-foot retail complex, also housing a Sephora, a Foot Locker and a Swatch store.

When the Target location opens in October, the West 34th Street entrance across from Macy’s will greet visitors with Target fashions, according to company officials. A second entrance on West 33rd Street will offer grab-and-go food, as well as a CVS pharmacy.

In addition to the thousands of commuters who stomp through Herald Square daily on their way to and from Penn Station, Target is eyeing “the many tourists from around the world” who swarm to the mid-price retail mecca that is 34th Street, said Target Senior Vice President Mark Schindele.

Target’s bread and butter has long been mega-stores in suburban strip malls that reach well over 100,000 square feet. But increasingly it has opened smaller formats as it looks to expand into denser urban areas.

Target already has a smaller format store in Tribeca at 255 Greenwich St., while larger ones are at East River Plaza in Harlem and Atlantic Yards in Brooklyn. Stillsmaller Target stores are in the works: one at Gary Barnett’s 400 E. 14th St. that will open in 2018, and one at 615 10th Ave. in Hell’s Kitchen that will open in 2019.