Target Finalizes Real Estate Transaction with Selection of 84 Additional Zellers Leases

 
Target Corporation (NYSE: TGT) is pleased to announce today that it has finalized its real estate transaction with Zellers Inc. with the selection of 84 additional Zellers leases, bringing the total number of leases selected, including an initial group of 105 leases selected in May, to 189. From this second group, Target has acquired the leasehold interests for 29 locations, the vast majority of which will open as Target stores beginning in 2013. The remaining leases have been or will be sold to other Canadian retailers or back to landlords.
 
“Target is excited to take another meaningful step toward our expansion in Canada,” said Tony Fisher, president, Target Canada. “We look forward to delivering a superior shopping experience for our guests throughout Canada and building on our strong reputation as a good neighbor and partner in the communities in which we do business.”
 
Target announced in January that it would purchase, for C$1.825 billion, the leasehold interests of up to 220 sites currently operated by Zellers Inc., a subsidiary of Hudson’s Bay Company. In May, Target selected an initial group of 105 leases, spanning all 10 provinces, in conjunction with its first payment to Zellers Inc. The vast majority of those sites will become Target stores beginning in 2013. The 84 leases announced today are part of Target’s second and final selection, and include the 39 leases for which Target transferred the rights to Walmart, as announced in June. As part of its transaction with Walmart, Target acquired the lease for one of Walmart’s vacant properties, which will open as a Target store. A full list of the addresses included in Target’s second selection accompanies this release.
 
Target plans to open 125 to 135 stores in Canada, the majority of which will open in 2013, beginning with the first cycle in March and continuing with four subsequent cycles later in the year. All selected sites that will become Target stores will be subleased 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 significant remodeling prior to opening. On average, about $10 to $11 million will be invested in remodeling each location. Target plans to announce the locations of its March 2013 store openings in the coming months. Stores in subsequent opening cycles will be announced throughout 2012.
 
Target is excited to build its talented and dedicated team in Canada. The company has already begun to hire team members for positions at its Mississauga headquarters location and Target looks forward to beginning the store hiring process in 2012. 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. Canadians interested in working for Target are encouraged to visit Target.ca/careers to learn more about job opportunities and Target’s fun, collaborative work environment.
 
Forward-Looking Statements
The statements on the number and timing of Target store openings in Canada and the average investment in each location are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties which could cause the company's actual results to differ materially.  The most important risks and uncertainties include the risks described in the Risk Factors section of the company's Form 10-K for the fiscal year ended January 29, 2011.
About Target
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,762 stores across the United States and at Target.com. The company will open its first stores in Canada in 2013. In addition, the company operates a credit card segment that offers branded proprietary credit card products. Since 1946, Target has given 5 percent of its income through community grants and programs; today, that giving equals more than $3 million a week. For more information about Target’s commitment to corporate responsibility, visit Target.com/hereforgood.
 
 For more information, visit Target.com/Pressroom.
 

List of Target’s second and final selection of 84 additional Zellers leases
Includes potential Target stores and leases sold to other retailers or back to landlords


Alberta (8)
  • 1221 Canyon Meadows Drive S.E., Calgary, AB - Deer Valley Shopping Centre
  • 110-3210 118th Ave., Edmonton, AB - Abbottsfield Shoppers Mall
  • 87th Ave. & 156th St., Edmonton, AB - Meadowlark Shopping Centre
  • 9402 135th Ave. N.W., Edmonton, AB - Northgate Centre
  • 3931 Calgary Trail Southbound N.W., Edmonton, AB - South Park Centre
  • 8882 170th St., Suite 1053, Edmonton, AB - West Edmonton Mall
  • 13557 114th Ave. & Groat Road, Edmonton, AB - Westmount Shopping Centre
  • 3292 Dunmore Road S.E., Medicine Hat, AB - Medicine Hat Mall
 
British Columbia (11)
  • 4567 Lougheed Highway, Burnaby, BC - Brentwood Mall             
  • 11000 8th St., No. 1, Dawson Creek, BC - Dawson Mall  
  • 945 Columbia St. W., Kamloops, BC - Sahali Centre Mall
  • 1876 Cooper Road, Kelowna, BC - Orchard Park Plaza
  • 2210 Main St., Suite 100, Penticton, BC - Penticton Power Centre  
  • 500 Second Ave. W., Prince Rupert, BC - Rupert Square
  • 8311 Landsdowne Road, Richmond, BC - Landsdowne Centre
  • 1151 10th Ave. S.W., #400, Salmon Arm, BC - Piccadilly Place Mall            
  • 10151 King George Highway, Surrey, BC - Surrey Place/Central City
  • 1175 Lynn Valley Road, Vancouver, BC – Lynn Valley Centre
  • 1610 Hillside Ave., Victoria, BC - Hillside Shopping Centre           
 
New Brunswick (3)
  • 1180 Prospect St. E. Fredericton, NB - Uptown Centre
  • 1380 Mountain Road, Moncton, NB - Northwest Centre
  • 651 Fairville Blvd., Saint John, NB - Lancaster Mall
 
Newfoundland and Labrador (1)
  • 470 Topsail Road, St. John's, NL - Zellers Plaza
 
Nova Scotia (6)
  • 142 S.Albion St., Amherst, NS - Amherst Centre
  • 900 Cole Harbour Road, Dartmouth, NS - Colby Village Plaza
  • 1065 Central Ave., Greenwood, NS - Zellers Plaza
  • 194 Chain Lake Drive, Halifax, NS - Bayers Lake Power Centre
  • 116 King St., North Sydney, NS - North Sydney Mall
  • Prince St., Sydney, NS - Sydney Shopping Centre
 
Ontario (36)
  • 60 Martindale Crescent, Ancaster, ON - Meadowland Power Centre
  • 2383 Highway #2, Unit D, Bowmanville, ON - Clarington Town Centre
  • 410 Fairview Drive, Brantford, ON- Brantford Centre
  • Grand Ave. W. & Keil Drive Extension, Chatham, ON - Thames-Lea Plaza
  • 300 Guelph St., Georgetown, ON - Georgetown Market
  • 1980 Ogilvie Road, Unit 171, Gloucester, ON - Gloucester Centre
  • 499 Mohawk Road E., Hamilton, ON - County Fair Plaza
  • 1550 Cameron St., Hawkesbury, ON - Hawkesbury Gateway Shopping Centre
  • 245 Strasburgh Road, Kitchener, ON- Laurentian Power Centre
  • 1005 Ottawa St. N., Kitchener, ON - Stanley Park Mall
  • 600 Mitchell Road S., Listowel, ON - Listowel Carriage Shopping Centre
  • 1275 Highbury Ave., London, ON - Northland Mall
  • 2225 Erin Mills Parkway, Mississauga, ON - Sheridan Mall
  • 1131 Dundas St. W., Mississauga, ON - Westdale Mall
  • 1111 Davis Drive, Newmarket, ON - 404 Town Centre
  • 700 Lawrence Ave. W., North York, ON - Lawrence Square
  • 1700 Wilson Ave., North York, ON - Sheridan Mall North York
  • 1455 Rebecca St., Oakville, ON - Hopedale Mall
  • 1300 Kind St. E., Oshawa, ON - Kingsway Village
  • 419 King St. W., Oshawa, ON - Oshawa Centre
  • 156 Sparks St., Ottawa, ON- Heritage Place
  • 950 Lansdowne St. W., Peterborough, ON - Parkway Centre
  • 1355 Kingston Road, Pickering, ON - Pickering Town Centre
  • 50 Thermos Road, Scarborough, ON - Warden & Eglinton
  • 3469 Lawrence Ave. E., Scarborough, ON - Cedarbrae Mall
  • 293 Bay St., Sault Ste. Marie, ON - Station Mall
  • 285 Geneva St., St. Catharines, ON - Fairview Mall
  • 640 Queenston Road, Stoney Creek, ON - Queenston Place
  • 1020 Dawson Road, Thunder Bay, ON - County Fair Plaza
  • 1101 West Arthur St., Thunder Bay, ON - Thunder Bay Mall
  • 170 Broadway, Tillsonburg, ON - Tillsonburg Town Centre
  • 1000 Gerrard St., Toronto, ON - Gerrard Square
  • 2290 Dundas St. W., Toronto, ON - Southside/Pond Mills Shopping Centre
  • 70 Bridgeport Road, Waterloo, ON - Zellers Centre
  • 800 Niagara St. N., Welland, ON - Seaway Mall
  • 1550 Huron Church Road, Windsor, ON - Ambassador Plaza
 
Quebec (16)
  • 600 boul. Sir Wilfrid Laurier, Beloeil, QC - Montenach Mall
  • 7200 boul. Taschereau (Local 21), Brossard, QC - Place Portabello
  • 1324 boul. Talbot, Chicoutimi, QC - Place De Saguenay
  • 920 boul. Maloney, Gatineau, QC - Les Galeries Gatineau
  • 1055 boul.  Firestone, Joliette, QC - Les Galeries Joliette
  • 161 Route 230 Ouest, Bureau 400, La Pocatiere, QC - Les Galeries De La Pocatiere
  • 2877 chemin Chambly, Longueuil, QC - Place Desormeaux
  • 1700 rue Sherbrooke, Magog, QC - Les Galeries Orford
  • 3121 rue Granby, Montreal, QC - Centre Commercial Domaine
  • 7275 rue Sherbrooke Est., Montreal, QC - Place Versailles Shopping Centre
  • 6700 chemin de la Côte-des-Neiges, Montreal, QC - Plaza Cote Des Neiges
  • 101 boul. Cardinal-Leger, # 74, Pincourt, QC - Le Faubourg De I'lle
  • 12655 rue Sherbrooke Est., Point-aux-Trembles, QC - Carrefour De La Pointe
  • 940 13e Ave. Nord, Sherbrooke, QC - Galeries Quatres Saisons
  • 450 boul. Poliquin, Sorel, QC - Les Promenades De Sorel
  • 450 boul. Arthur Sauve, St. Eustache, QC - Carrefour St-Eustache
 
Saskatchewan (3)
  • 134 Primrose Drive, Saskatoon, SK - The Mall at Lawson Heights
  • 2325 Preston Ave., Saskatoon, SK - Market Mall
  • 255-277 Broadway St. E., Yorkton, SK - Parkland Mall
 
Location of former Walmart site acquired by Target
  • 7190 Morrison St., Niagara Falls, ON
 

 

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