|Target - Niagara Falls, USA|
Great news, Canadians! It was announced earlier today that U.S. discount retailer Target has snapped-up most of Canada's Zellers locations from the Hudson Bay Company for $1.8 billion.
Target plans to launch between 100 to 150 stores in Canada between 2013 and 2014.... I can hardly wait! For those Zellers stores which are not part of the deal, leases will be auctioned off and several major U.S. chains like Kohl's and J.C. Penney have expressed interest to branch into the Canadian market. It is expected that the ailing retailer Zellers which has failed to compete with Wal-Mart, will be disappearing from the retail landscape altogether domestically.
For a more detailed look at what The Globe & Mail calls a "complex deal", click here.
For those of you who have never been inside a Target, I'd compare it v. much to Wal-Mart, but their selection of products lean more to a trendier demographic. Their line of health-conscious foods, Archer's Farms, are a refreshing new option for Canadian consumers. With an array of tasteful products sold which range from Fashions to Electronics and Home Furnishings, I am confident the Retailer will thrive in our market.
The only thing I think would pose an issue is that Zellers has a lack of an urban presence. Downtowners likely will have to venture into the Suburbs to access these new Target locations. Check out Target's website here.
(Photo credit: Mr. Will-W.)