Major U.S. Retailer Targets Canada
Target Corporation has agreed to pay C$1.825 billion to purchase the leasehold interests in up to 220 retail property sites currently operated by Zellers Inc., a subsidiary of the Hudson’s Bay Company (HBC). The transaction will allow Target to open its first stores in Canada beginning in 2013, and set a foundation there for Target’s expansion over time. The U.S.-based retailer expects to open 100 to 150 Target stores throughout Canada in 2013 and 2014.
The remodeling and opening of the new Target stores will create more than 10,000 construction, sales, and customer service jobs. A typical Target store in the United States employs approximately 150 to 200 team members. As it expands its presence in Canada, the 60-year-old corporation will extend its long-standing commitment to donate 5 percent of its income to each new community it enters.