MINNEAPOLIS, May 26, 2011 /CNW/ - Target Corporation (NYSE: TGT) is pleased to
announce the selection of its initial group of Zellers sites, representing 105 locations in
all 10 provinces across Canada. The vast majority of these store sites will become Target
stores after securing the necessary construction approval for extensive renovation and
will open beginning in 2013. Target expects to finalize the acquisition of these initial
sites in the coming days and pay half of the C$1.825 billion purchase price. A full list of
the sites in this initial selection, including the 22 property owners and landlords with
whom Target has reached lease agreements, accompanies this release. In accordance with
its real estate transaction to acquire up to 220 leaseholds from Zellers Inc. announced
earlier this year, Target has the right to select up to 110 sites in conjunction with the first
payment and will continue to select additional leases in advance of the second payment
this fall.
Target also announced today that, pending approval by its Board of Directors next month,
it has selected the location of its Canadian headquarters. Target will occupy about
180,000 square-feet of space at 5570 Explorer Dr., Mississauga, ON in AeroCentre V.
The building was built to LEED (Leadership in Energy & Environmental Design) gold
standard and is owned by Healthcare of Ontario Pension Plan (HOOPP). After some
remodeling, the majority of Target's Canadian headquarters team will begin occupying
the space in early 2012.
"We are thrilled to share these first details about our planned entry into Canada," said
Tony Fisher, president, Target Canada. "We are excited that these initial store sites
ensure Target will be represented throughout the country. We look forward to completing
our selection process during the next several months, moving us one step closer to
delivering the Target brand shopping experience to our Canadian guests."
Each Target store in Canada will employ approximately 150 to 200 team members.
Target is excited to build its talented and dedicated team in Canada and looks forward to
beginning the store hiring process in 2012. Target will also engage with Zellers associates
to make it easy for them to apply for jobs at Target.
About Target
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