Minneapolis-based discount giant Target Corp. (NYSE:TGT) announced May 26 that it would convert five Metro Vancouver Zellers stores into Target-branded locations.
The company has been negotiating hard with landlords to secure long term leases and real estate sector insiders have told BIV that Target locations are perceived to be much more valuable tenants than Zellers stores were.
The five announced Metro Vancouver locations will be at:
- Oakridge Centre (owned by Ivanhoe Cambridge);
- Metropolis at Metrotown (Ivanhoe Cambridge);
- Coquitlam Centre (Morguard Investments Ltd.);
- Scottsdale Mall (Redcliff Realty Group); and
- Haney Place Mall (Narland Properties).
Another 10 Zellers locations in the rest of B.C. will also be rebranded Target.
Target agreed on January 13 to buy 220 Zellers leases from Hudson’s Bay Co. for $1.825 billion. (See “Target makes $1.8 billion for Zellers stores” – January 13, 2011; BIV Business Today)
It said in a release May 26 that it would convert the majority of those locations into Target locations.
Glen Korstrom
Twitter @GlenKorstrom
gkorstrom@bivcom