Target to Canada
For $1.83 billion, Target will be taking over 220 leases that were filled with Zellers stores, a discount chain that is a subsidiary of Hudson’s Bay Co. The purchase means Target can open its first stores in Canada by 2013, with 150 Target outlets up and running by 2014. Zellers will sublease the stores from Target for a period of time. Target’s move to Canada will be overseen by Chief Marketing Officer Michael Francis. Currently, Target operates 1,752 stores.
