Target Transfers Canadian Lease Rights to Walmart

Target Canada has reached an agreement to transfer to Walmart Canada the rights for leasehold interests in up to 39 sites, currently operated by Zellers Inc.

The sites are among the up to 220 possible sites whose leasehold interests Target is acquiring as part of a real estate transaction announced in January. Specific locations will be identified later this fall. Terms of this transaction were not disclosed.

In May, Target selected its initial group of 105 sites, the vast majority of which will become Target stores. Target plans to announce the selection of a second group of sites this fall and expects to open 100 to 150 Target stores throughout Canada beginning in 2013.

Minneapolis-based Target Corp. operates 1,755 stores in 49 states nationwide.