(Filed Under Financial and General Interest News). The trend toward international expansion continues with Target Corp. The Minneapolis-based company announced Friday that it has purchased 220 sites from Canadian-based Zellers Inc., a subsidiary of the Hudson’s Bay Company, for $1.825 billion, with plans to open its first stores in the country in 2013.
This marks Target’s first venture outside of the United States. The company expects to open 100 to 150 Target stores throughout Canada in 2013 and 2014, with the hopes of establishing a strong foundation for a larger Target presence in Canada in the future.
Through the venture, Target expects to create “tens of thousands of jobs.” In the United States, a typical Target employs 150 to 200 employees. The company has appointed Michael Francis, its chief marketing officer, the executive committee sponsor of its entrance into the Canadian market.
Gregg Steinhafel, chairman, president and chief executive officer of Target, described the Canadian expansion as financially beneficial to both the company and the communities it will enter. “We are very excited to bring our broad assortment of unique, high-quality merchandise at exceptional values and our convenient shopping environment to Canadians coast-to-coast,” he said. “We believe our investment in these leases will strengthen the surrounding communities as well as create strategic and financial value for Target stakeholders.”
Target Corp. currently operates 1,752 stores in 49 states selling a range of products, including intimate apparel, hosiery, swimwear and activewear for men and women.
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