MISSISSAUGA, CANADA-Target Corp. this morning confirmed the locations of a partial list of stores that it intends to open across Canada in 2013. The properties mostly include former Zellers Inc. stores, but a few additional properties have been revealed by the firm, which has its Canada headquarters here.
The Minneapolis-based Target had said early last year that it agreed to pay $1.9 billion for the leasehold interest for up to 220 of the Toronto-based Hudson’s Bay Co.’s 275 Zellers stores in Canada. The company said in May 2011 that it set plans to open 125 to 135 stores starting March 2013, and today’s announcement confirms the first 125 stores that will open in 2013. Later this year, Target will confirm additional store locations that will open starting in early 2014 and beyond, the company said in today’s statement.
The locations include 50 stores in Ontario, 25 in Quebec, 16 in British Columbia, 15 in Alberta, four in Manitoba, three in Saskatchewan, four in Nova Scotia, three in New Brunswick, two in Newfoundland and one in Charlottetown. The new stores include the Target replacing the Zellers at Bayshore Shopping Centre, where Ivanhoe Cambridge and KingSett Capital is adding about 160,000 square feet as part of a $200 million redevelopment plan.
Construction has already begun on the first set of stores, said Tony Fisher, president of Target Canada, in the statement. Each site will be closed for a period of six to nine months for more than $10 million of extensive renovations at each location to change the stores. An investment of more than $10 million will be spent remodeling each location.
The list of confirmed stores can be found here.
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