Target Corporation has recently announced the selection of its initial group of Zellers sites, representing 105 locations in all 10 provinces across Canada. The vast majority of these store sites will become Target stores after securing the necessary construction approval for extensive renovation and will open in the beginning of 2013. Target expects to finalise the acquisition of these initial sites in the coming days and pay half of the C$1.825 billion purchase price.
In accordance with its real estate transaction to acquire up to 220 leaseholds from Zellers Inc. announced earlier this year, Target has the right to select up to 110 sites in conjunction with the first payment and will continue to select additional leases in advance of the second payment this fall.
“We are thrilled to share these first details about our planned entry into Canada,” said Tony Fisher, president, Target Canada. “We are excited that these initial store sites ensure Target will be represented throughout the country. We look forward to completing our selection process during the next several months, moving us one step closer to delivering the Target brand shopping experience to our Canadian guests.”
Target analysed extensive data on Canadian retail performance, demographics, competition and market potential to identify trade areas which would be well-served by a Target store. Each selected site is subleased to Zellers and will continue to operate as a Zellers store for some time.
Each Target store in Canada will employ approximately 150 to 200 team members. Target will also engage with Zellers associates to make it easy for them to apply for jobs at Target.
– IndiaRetailing Bureau