CORNER BROOK The Zellers location in Corner Brook “has been identified as one of the stores (that) will be renovated to open as a Target store,” according to a Hudson’s Bay Company spokesperson Friday.
The timing of the renovation is unclear at present, but the store will continue to operate as a Zellers until the end of 2012.
The Minneapolis-based company expects to finalize the acquisition of its initial group of Zellers sites in the coming days and pay half of the C$1.825 billion purchase price. The initial group represents 105 locations in all 10 provinces across Canada, including the Corner Brook site in the Plaza Mall.
The vast majority of these store sites will become Target stores after securing the necessary construction approval for extensive renovation, and will open beginning in 2013.
The initial selection, including the 22 property owners and landlords with whom Target has reached lease agreements, coincided with the real estate transaction to acquire up to 220 leaseholds from Zellers Inc. announced earlier this year. Target has the right to select up to 110 sites in conjunction with the first payment and will continue to select additional leases in advance of the second payment this fall.
Each selected site is subleased to Zellers and will continue to operate as a Zellers store for some time. Six to nine months prior to opening as Target stores, the majority of stores will be closed for significant remodeling.
On average, about $10 million will be invested in remodeling each location, which will create a significant number of construction jobs for Canadians.
Target store openings will begin in 2013, and a detailed schedule of individual store opening dates will be made available at a later date.
Each Target store in Canada will employ approximately 150 to 200 team members. Target is excited to build its talented and dedicated team in Canada and will begin the store hiring process in 2012. Target will also engage with Zellers associates to make it easy for them to apply for jobs at Target.
Target also announced, pending approval by its board of directors next month, it has selected the location of its Canadian headquarters in Mississauga, Ont.