Target Corporation has announced in a press release that the company is to launch a retail network in Canada after acquiring leasehold interests for C$1.8bn in up to 220 sites from Zellers, a subsidiary of the Hudson’s Bay Company.
The retailer said it plans to open 100 to 150 stores across Canada beginning in 2013, bringing Target’s broad assortment of merchandise to Canadian consumers coast-to-coast.
“This transaction provides an outstanding opportunity for us to extend our Target brand, Target stores and superior shopping experience beyond the United States for the first time in our company’s history,” said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation.
“We are very excited to bring our broad assortment of unique, high-quality merchandise at exceptional values and our convenient shopping environment to Canadian guests coast-to-coast. We believe our investment in these leases will strengthen the surrounding communities as well as create strategic and financial value for Target stakeholders.”
Target expects to open 100 to 150 Target stores throughout Canada in 2013 and 2014.
The company’s chief marketing officer, Michael Francis, will serve as the executive committee sponsor of Target’s entrance into the Canadian market – the corporation’s first-ever expansion of its stores beyond the US.
“Under Michael’s leadership, Target has emerged as one of the most recognizable brands in the world and I am pleased that he will guide our expansion into Canada,” said Mr Steinhafel, chairman.
“With more than 25 years of experience with this corporation, Michael has a deep understanding of Target and the retail industry. His responsibility for corporate brand and reputation including our community relations efforts uniquely position him to lead this effort.”
