After years of anticipation Canadian consumers can soon set their sights on a new shopping destination, as U.S. discount retailer Target has announced plans to set up its stores north of the border.
Target Corporation said Thursday that it is paying the Hudson's Bay Company $1.83 billion to acquire up to 220 Zellers stores from the 279 that are currently open across Canada.
Target says the deal doesn't mean an immediate end to the Zellers brand, but is rather the first step in opening between 100 and 150 of its own stores here by 2014.
Although the money is expected to change hands in May and September of this year, "Zellers Inc. will sublease these sites from Target and continue to operate them under the Zellers banner for a period of time," the company said in a statement announcing the deal Thursday.
