Target Finalizes Real Estate Transaction with Selection of 84 Additional Zellers Leases
FOR IMMEDIATE RELEASE Contacts: Amy Reilly, Target Communications, (612) 761-6782 Target Media Hotline, (612) 696-3400 John Hulbert, Investor Relations, (612) 761-6627 Target Finalizes Real Estate Transaction with Selection of 84 Additional Zellers Leases MINNEAPOLIS (Sept. 23, 2011) — Target Corporation (NYSE: TGT) is pleased to announce today that it has finalized its real estate transaction with Zellers Inc. with the selection of 84 additional Zellers leases, bringing the total number of leases selected, including an initial group of 105 leases selected in May, to 189. From this second group, Target has acquired the leasehold interests for 29 locations, the vast majority of which will open as Target stores beginning in 2013. The remaining leases have been or will be sold to other Canadian retailers or back to landlords. “Target is excited to take another meaningful step toward our expansion in Canada,” said Tony Fisher, president, Target Canada. “We look forward to delivering a superior shopping experience for our guests throughout Canada and building on our strong reputation as a good neighbor and partner in the communities in which we do business.” Target announced in January that it would purchase, for C$1.825 billion, the leasehold interests of up to 220 sites currently operated by Zellers Inc., a subsidiary of Hudson’s Bay Company. In May, Target selected an initial group of 105 leases, spanning all 10 provinces, in conjunction with its first payment to Zellers Inc. The vast majority of those sites will become Target stores beginning in 2013. The 84 leases announced today are part of Target’s second and final selection, and include the 39 leases for which Target transferred the rights to Walmart, as announced in June.
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