Target Corp. is tweaking its Canadian expansion plans, with plans to move into a new building in Toronto.
The U.S. retailer bought leaseholds from Zellers for $1.8-billion earlier this year, and recently announced plans to convert 105 of those stores into Target stores.
It is expected to announce another round of conversions in September, bringing the number of stores to approximately 150 by 2013.
The Toronto location - at a site being developed by Riocan Real Estate Investment Trust at the corner of Weston and St. Clair- was announced at the real estate company's annual general meeting Wednesday.
It's the first announcement about a new development built specifically for Target, but analysts have suggested a slew of U.S. retailers looking for Canadian space could create a development boom.
Other retailers signed up for the site - according to co-developer Trinity Group - include expansion minded U.S. retailer Marshalls.
Riocan CEO Edward Sonshine said Marshalls wants to open up to 100 locations in Canada in the next two years.
Target is spending freely to upgrade the Zellers locations it has agreed to convert, earmarking about $2-billion for renovations.
It has already spent $11-million on its expansion. The money has been spent on legal, payroll and consulting expenses.Report Typo/Error