Target Is Coming To Canada And Zellers Is On Its Way Out!
Target Corporation announced today that they will be opening their first stores in Canada beginning 2013! After agreeing to buy out the leases of up to 220 Zellers stores across Canada for $1.8 billion, Target will be opening their first 100-150 stores in the next two years.
“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.”
This is really exciting news for Canadians! Not only is Target expected to create thousands of jobs in the coming years (through expansions, store renovations, construction and other operations), they will be taking over a not-so-great chain, owned by the Hudson’s Bay Company. I for one am extremely excited about this take-over!