CANADA: Target to open up to 135 stores from 2013
Ahead of its move into Canada, value retailer Target Corporation has finalised the number of leases it is taking over for stores operated by discount chain Zellers, a subsidiary of Hudson's Bay Co, and now says it will open between 125 to 135 stores in 2013.
The Minneapolis based retailer in January make its first foray outside the US after agreeing a CAD1.825bn (US$1.83bn) deal to take over leases for up to 220 stores.
"Target is excited to take another meaningful step toward our expansion in Canada," said Tony Fisher, president, Target Canada.
In May, the retailer selected an initial group of 105 leases spanning all 10 provinces, with most of those sites becoming Target stores beginning in 2013. The additional 84 leases announced on Friday (23 September) are part of Target's second and final selection, and include 39 leases for which Target transferred the rights to Walmart.
All selected sites will be sub-leased to Zellers and will continue to operate as a Zellers store for some time. For locations that will become Target stores, the majority will be closed for at least six to nine months as they undergo remodelling - at a cost of about $10m to $11m per location.
Target currently operates 1,762 stores.
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