Retailers Taking Over Former Target Canada Locations
Target left Canada for good in mid-April of 2015 and with their departure, they left over 17,000 people jobless, 15 million square feet empty, 133 stores with an unknown future and a lot of landlords angry. Recently, a number of retailers have jumped at the opportunity to take over former Target locations. Below are retailers that have confirmed lease takeovers – we will continue to update this list as the story progresses.
The American home improvement chain has acquired leases for 13 former Target Canada locations and former Target distribution centre in Milton, Ontario. The total acquisition will cost $151 million and if approved, will create jobs for up to 2000 people. Read more here.
Walmart Canada will buy 13 old Target Canada locations, as well as one distribution centre in Cornwall, Ontario. The total spend on the acquisition will cost approximately $350 million: $165 million for the leases and properties and $185 million on renovations. The majority of the locations acquired are located in British Columbia, Ontario and Quebec. Read more here.
Canadian Tire will take over 12 leases on former Target locations, a deal that will cost the Canadian home improvement store $17.7 million. The entire takeover will gain the chain approximately 400,000 square feet of retail space. The majority of locations acquired are located in Ontario and Quebec. Read more here.