News
Target targets Canada
blog by S.J. Velasquez • June 02, 2011 @ 3:02pm
Target Corporation has agreed to purchase Canada’s Zellers store for $1.8 billion (CAD) and open more than 100 Target stores in Canada, the Vancouver Sun reports.
It’s big news for Canadians who’ve been flocking south—or east, in our case—to snap up goods at the popular retailer. According to Buffalo Business First, the Canadian Target location nearest Western New York will be in St. Catharines’ Pen Centre, but it won’t be open for business until 2013.
The news of Target’s recent purchase has mall landlords in a tizzy. So desperate are property owner to attract Target to their spaces that they’re rushing to buy up additional space. “Even in the major enclosed malls, you’re seeing those landlords approve budgets of tens of millions – in some instances hundreds of millions of dollars – to expand and renovate,” Jeffrey Berkowitz, president of retail real estate adviser Aurora Realty Consultants in Montreal, told Canada’s Globe and Mail. “The challenge is coming up with new space.”
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