FORT COLLINS — Target Corp. (NYSE: TGT) said it will formally open its first “small format” site in the city on Sunday.

The store at 460 S. College Ave. replaces a former 24 Hour Fitness operation and has been in the works locally since November.

Eric Holsapple, a partner with building owner and project developer LC Real Estate Group in Loveland, said the store opened Thursday but has grand-opening festivities Sunday.

“It’s a tremendous asset for downtown Fort Collins,” Holsapple said, and complements other sites in the city for the retailer. “They have two locations in the south part of town — one on 287, College Avenue, and one on Harmony near I-25. This one will serve CSU and downtown Fort Collins.”

Target also has stores in Greeley and Loveland.

The small-format footprint can be as small as 15,000 square feet or less but averages 40,000 square feet, one-third the size of a traditional Target retail layout. Stores target dense commercial areas such as urban centers where space is harder to find and expensive, and college towns where students seek to buy basics quickly. Target has said the latter locations also help to build loyalty with younger customers.

The first college town small Target opened in Minnesota, the company’s home state, in 2014. It’s opened 30 or so annually for the past several years. Target said in March that most recent new stores overall have been small-format, as it launched a $4 billion construction and remodeling program.

The new Fort Collins location is about 45,000 square feet and employs 80 people. The store includes a CVS Pharmacy and a Starbucks.

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