A linked story at Baltimore Business Journal from St. Paul, MN, mentions some potential good news for Baltimore in the future. Target is experimenting with a smaller store front, and plans to unveil this new concept in St. Paul sometime in 2012.
Target is also shopping around for other sites in urban areas around the country, one of those is Baltimore. It's anyone's guess where a potential downtown Target could go - Inner Harbor, Harbor East, Canton, Westside - but anywhere would be great.
The only other city location is a full-sized Target at the Mondawmin Mall. A downtown or harbor location would benefit the residential population in the urban core, which now is devoid of any "department store" style retail.
While this is at best a few years away, it's never too early to start thinking about where Baltimore could put one.