We revisit the formulation of non-relativistic (NR) string theory and its target space geometry. We obtain a new formulation in which the geometry contains a two-form field that couples to the tension current and that transforms under string Galilei boosts. This parallels the Newton-Cartan one-form that couples to the mass current of a non-relativistic point particle. We show how this formulation of the NR string arises both from an infinite speed of light limit and a null reduction of the relativistic closed bosonic string. In both cases, the two-form originates from a combination of metric quantities and the Kalb-Ramond field. The target space geometry of the NR string is seen to arise from the gauging of a new algebra that is obtained by an Inonu-Wigner contraction of the Poincare algebra extended by the symmetries of the Kalb-Ramond field. In this new formulation, there are no superfluous target space fields that can be removed by fixing a Stuckelberg symmetry. Classically, there are no foliation/torsion constraints imposed on the target space geometry.