Walmart Canada to Assume Leasehold Rights in Zellers Sites
MINNEAPOLIS and MISSISSAUGA, Canada-Walmart Canada has reached an agreement with Target Canada to assume the leasehold interests in up to 39 sites now operated by Zellers.
The sites are among the up to 220 possible locations whose leaseholds Target is acquiring from Hudson's Bay Co., in a real-estate deal announced in January. Specific locations in this new agreement will be announced later this fall. Terms of the transaction were not disclosed in statements issued by both Walmart and Target.
In May, Target said it had chosen its initial group of 105 Zellers sites, the vast majority of which will become Target stores. The company said it will announce the selection of a second group of locations this fall, and expects to open from 100 to 150 Target stores throughout Canada beginning in 2013.
Walmart Canada currently operates 325 stores north of the border. The company's statement said it now serves more than 1 million customers in its Canadian stores each day.