Target Selects Initial Zellers Leases, Vast Majority to Become Target Stores

Target Canada headquarters location also chosen

MINNEAPOLIS, May 26, 2011 /PRNewswire/ - Target Corporation (NYSE: TGT) is pleased to announce the selection of its initial group of Zellers sites, representing 105 locations in all 10 provinces across Canada. The vast majority of these store sites will become Target stores after securing the necessary construction approval for extensive renovation and will open beginning in 2013. Target expects to finalize the acquisition of these initial sites in the coming days and pay half of the C$1.825 billion purchase price. A full list of the sites in this initial selection, including the 22 property owners and landlords with whom Target has reached lease agreements, accompanies this release. In accordance with its real estate transaction to acquire up to 220 leaseholds from Zellers Inc. announced earlier this year, Target has the right to select up to 110 sites in conjunction with the first payment and will continue to select additional leases in advance of the second payment this fall.

Target also announced today that, pending approval by its Board of Directors next month, it has selected the location of its Canadian headquarters. Target will occupy about 180,000 square-feet of space at 5570 Explorer Dr., Mississauga, ON in AeroCentre V. The building was built to LEED (Leadership in Energy & Environmental Design) gold standard and is owned by Healthcare of Ontario Pension Plan (HOOPP). After some remodeling, the majority of Target's Canadian headquarters team will begin occupying the space in early 2012.

"We are thrilled to share these first details about our planned entry into Canada," said Tony Fisher, president, Target Canada. "We are excited that these initial store sites ensure Target will be represented throughout the country. We look forward to completing our selection process during the next several months, moving us one step closer to delivering the Target brand shopping experience to our Canadian guests."

Target analyzed extensive data on Canadian retail performance, demographics, competition and market potential to identify trade areas which would be well-served by a Target store. Each selected site is subleased to Zellers and will continue to operate as a Zellers store for some time. Six to nine months prior to opening as Target stores, the majority of stores will be closed for significant remodeling. On average, about $10 million will be invested in remodeling each location, which will create a significant number of construction jobs for Canadians. Target store openings will begin in 2013, and a detailed schedule of individual store opening dates will be made available at a later date.

Each Target store in Canada will employ approximately 150 to 200 team members. Target is excited to build its talented and dedicated team in Canada and looks forward to beginning the store hiring process in 2012. Target will also engage with Zellers associates to make it easy for them to apply for jobs at Target.

About Target

Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,755 stores in 49 states nationwide and at Target.com. In addition, the company operates a credit card segment that offers branded proprietary credit card products. Since 1946, Target has given 5 percent of its income through community grants and programs; today, that giving equals more than $3 million a week. For more information about Target's commitment to corporate responsibility, visit Target.com/hereforgood. 

For more information, visit Target.com/Pressroom.

SELECTED SITES BY LANDLORD

20 Vic Management, Inc. (3)

• 5100 Erin Mills Parkway, Mississauga, ON - Erin Mills Town Centre
• 221 Glendale Ave., St. Catharines, ON - Niagara Pen Centre
• 2277 Riverside Drive, Ottawa, ON - Billings Bridge Plaza

Bentall Kennedy (10)

• 5115 17^th Ave. S.E., Calgary, AB - Forest Lawn Shopping Centre
• 2801 Cliffe Ave., Courtenay, BC - Driftwood Mall
• 120-1500 Cranbrook St., Cranbrook, BC - Tamarack Centre
• 300 Eagleson Road, Kanata, ON - Hazeldean Mall
• 19705 Fraser Highway, Langley, BC - Willowbrook Shopping Centre
• 785 Wonderland Road, London, ON - Westmount Shopping Centre
• 55 Ontario St. S., Milton, ON - Milton Mall Shopping Centre
• 4900 Molly Banister Drive, Red Deer, AB - Bower Place
• 250 The East Mall, Toronto, ON - Cloverdale Mall
• 4900 27^th St., Vernon, BC - Village Green Mall

Cadillac Fairview (7)

• 7695 boul. des Galeries d'Anjou, Anjou, QC - Galeries D'Anjou
• 6455 Macleod Trail  S.W., Calgary, AB - Chinook Centre
• 3625 Shaganappi Trail NW, Calgary, AB - Market Mall
• 1680 Richmond St. N., London, ON - Masonville Place
• 500bBoul. des Promenades, Saint-Bruno-de-Montarville, QC -
Promenades Saint-Bruno
• 517 Westmorland Drive, Saint John, NB - McAllister Place
• 1485 Portage Ave., Winnipeg, MB - Polo Park Shopping Centre

Fishman Holdings (3)

• 500 Rexdale Blvd., Etobicoke, ON - Woodbine Centre
• 489 Albert St. N., Regina, SK - Northgate Mall
• 2900 Warden Ave., Scarborough, ON - Bridlewood Mall

Goldmanco, Inc. (1)

• 1899 Algonquin Ave., North Bay, ON

Homburg Canada REIT (3)

• 825 St-Laurent Ouest, Longueuil, QC - Place Longueuil
• 1500 Atwater Ave., Montreal, QC - Place Alexis Nihon
• 24 Stavanger Drive, St. John's, NL - Cabot Square

Ivanhoe Cambridge (14)

• 4545 Central Blvd., Burnaby, BC - Metropolis at Metrotown
• 777 Guelph Line, Burlington, ON - Burlington Mall
• 21 Mic Mac Road, Dartmouth, NS - Mic Mac Mall
• 100 Bayshore Dr., Unit 10, Ottawa, ON - Bayshore Shopping Centre
• 700 boul. Laurier, Saint-Foy, QC - Place Laurier
• 55 rue Industriel, Rimouski, QC - Le Carrefour Rimouski
• 139-375 Saint Albert, Saint Albert, AB - Saint Albert Centre
• 8585 boul. Lacroix, Saint-Georges, QC - Carrefour Saint-Georges
• 3305 Cote Vertu, Unit 2, Saint-Laurent, QC - Place Vertu
• 55 boul. des Forges, Trois-Rivieres, QC - Les Rivieres Shopping Centre
• 650 W. 41^st St., Vancouver, BC - Oakridge Shopping Centre
• 550 King St. N., Waterloo, ON - Conestoga Mall
• 3100 Howard Ave., Windsor, ON - Devonshire Mall
• 1545 Regent Ave., Winnipeg, MB - Kildonan Place Shopping Centre

Kimco Realty, Sun Life and North American Development Group (1)

• 2525 rue d'Annemasse, Boisbriand, QC - Faubourg Boisbriand

KingSett Capital (1)

• 195 boul. Hymus, Pointe Claire, QC - Terrarium Shopping Centre

Montez Corporation  (2)

• Maple Valley Ind. Park Road, Corner Brook, NL - Corner Brook
• 1585 Merivale Rd., Nepean, ON -  Meadowlands Shopping Centre

Morguard (12)

• 15400 Bayview Ave., Aurora, ON - Aurora Shopping Centre
• 25 Peel Centre Drive, Brampton, ON - Bramalea City Centre
• 1570 18^th St., Brandon, MB - Shoppers Mall
• 335 Hespeler Road, Cambridge, ON - Cambridge Centre
• 45585 Luckakuck Way, Chilliwack, BC - Cottonwood Mall
• 3010-2929 Barnet Highway, Coquitlam, BC - Coquitlam Centre
• 82^nd Ave. and 83^rd St., Edmonton, AB - Bonnie Doon
• 11801 100^th St., Grande Prairie, AB -  Prairie Mall
• 6600 Yonge St., North York, ON - Centerpoint Mall
• 3510 8^th St. E., Unit 1, Saskatoon, SK - The Centre
• 45 Overlea Blvd., Toronto, ON - East York Town Centre
• 35 Lakewood Blvd., Winnipeg, MB - Southdale Centre

Narland Properties (1)

• 11850 224^th St., Maple Ridge, BC - Haney Place Mall

Northwest Realty Inc. (1)

• 1324 Island Highway, Campbell River, BC - Discovery Harbour Shopping Centre

Oxford Property Group (4)

• 109^th St. and Kingsway, Edmonton, AB - Kingsway Garden Mall
• 100 City Centre Drive, Mississauga, ON  -  Square One
• 17600 Yonge St. N., Newmarket, ON - Upper Canada Mall
• 9350 Yonge St., Richmond Hill, ON - Hillcrest Mall

Primaris Management, Inc. (5)

• 2525 36^th St. N.E., Calgary, AB - Sunridge Mall
• 945 Gardiners Road, Kingston, ON - Cataraqui Town Centre
• 110 Place D'Orleans Drive, Orleans, ON - Place D'Orleans
• 550 boul. Wilfried Hamel, Quebec City, QC - Place Fleur De Lys
• 1080 Grant Ave., Winnipeg, MB - Grant Park

Redcliff Realty Group (7)

• 7155 120^th St., Delta, BC - Scottsdale Mall
• 1211 Barton St. E., Hamilton, ON  - Centre Mall
• 2999 Massey Drive, Prince George, BC - Pine Centre
• 5401 boul. des Galeries, Quebec City, QC - Les Galeries De La Capitale
• 3050 boul. Portland, Sherbrooke, QC - Carrefour De l'Estrie
• 1000 Fort William St., Thunder Bay, ON - Intercity Shopping Centre
• 330 Taunton Road, Whitby, ON - Taunton Gardens Power Centre

RioCan Real Estate Investment Trust (21)

• 1225 Sumas Way, Abbotsford, BC - Abbotsford Power Centre
• 100 Kingston Road, Ajax, ON - Durham Centre
• 2000 Appleby Line, Burlington, ON - Millcroft Shopping Centre
• 80 Great Lakes Drive, Brampton, ON, - Trinity Common Brampton
• 40 Steeles Ave. W., Brampton, ON - Shoppers World Brampton
• 5696 Richmond Road S.W., Calgary, AB - Signal Hill Centre
• 295 Shawville Blvd S.E., Calgary, AB - Shoppes at Shawnessy
• 670 University Ave., Charlottetown, PE - Charlottetown Mall
• 2331 66^th St. N.W., Edmonton, AB - Mill Woods Town Centre
• 900 Tower St. S., Fergus, ON - Gates of Fergus
• 1576 Upper James St., Hamilton, ON - South Hamilton Square
• 1160 Desserte Ouest, Laval, QC - Mega-Centre Notre-Dame
• 1029 Brodie Drive, Orillia, ON - Orillia Square Mall
• 285 Taunton Road. E., Oshawa, ON - Five Points Shopping Centre
• 1055 St. Laurent Blvd., Ottawa, ON - RioCan St. Laurent
• 275 Brockville St., Smiths Falls, ON - County Fair Mall
• 925 Ontario St., Stratford, ON - Stratford Centre
• 1485 Lasalle Blvd., Sudbury, ON - Sudbury Supermall
• 3003 Danforth Ave., Toronto, ON - Shoppers World Danforth
• 3170 Tillicum Road, Victoria, BC - Tillicum Centre
• 30 Horseshoe Crescent, Waterdown, ON - Flamborough Power Centre

Shape Properties (1)

• 4750 Rutherford Road, Nanaimo, BC - Nanaimo North Town Centre

Societe de Section Cogir (1)

• 1685 Bedford Highway, Bedford, NS - Bedford Place

T&T Properties (1)

• 2020 Sherwood Drive, Sherwood Park, AB - Sherwood Park Mall

University of Guelph (1)

• 175 Stone Road W., Guelph, ON - Guelph

Westcliff Management, Ltd. (5)

• 7091 boul. Newman, Lasalle, QC - Carrefour Angrignon
• 1200 boul. Alphonse-Desjardins, Levis, QC - Galeries Chagnon
• 401 Kent St. W., Lindsay, ON - Lindsay Square  Mall
• 600 Pierre Caisse, Saint-Jean, QC - Carrefour Richelieu
• 900 Rue Grignon, Saint Jerome, QC - Carrefour Du Nord

SELECTED SITES BY PROVINCE

Alberta

• Chinook Centre, Calgary
• Forest Lawn Shopping Centre, Calgary
• Market Mall, Calgary
• Shoppes at Shawnessy, Calgary
• Signal Hill Centre, Calgary
• Sunridge Mall, Calgary
• Bonnie Doon, Edmonton
• Kingsway Garden Mall, Edmonton
• Mill Woods Town Centre, Edmonton
• Prairie Mall, Grande Prairie
• Bower Place, Red Deer
• St. Albert Centre, St. Albert
• Sherwood Park Mall, Sherwood Park

British Columbia

• Abbotsford Power Centre, Abbotsford
• Metropolis at Metrotown, Burnaby
• Discovery Harbour Shopping Centre, Campbell River
• Cottonwood Mall, Chilliwack
• Coquitlam Centre, Coquitlam
• Driftwood Mall, Courtenay
• Tamarack Mall, Cranbrook
• Scottsdale Mall, Delta
• Willowbrook Shopping Centre, Langley
• Haney Place Mall, Maple Ridge
• Nanaimo North Town Centre, Nanaimo
• Pine Centre, Prince George
• Oakridge Shopping Centre, Vancouver
• Village Green Mall, Vernon
• Tillicum Mall, Victoria

Manitoba

• Shoppers Mall, Brandon
• Grant Park, Winnipeg
• Kildonan Place Shopping Centre, Winnipeg
• Polo Park Shopping Centre, Winnipeg
• Southdale Centre, Winnipeg

New Brunswick

• McAllister Place, Saint John

Newfoundland and Labrador

• Corner Brook, Corner Brook
• Cabot Square, St. John's

Nova Scotia

• Bedford Place, Bedford
• Mic Mac Mall, Dartmouth

Ontario

• Durham Centre, Ajax
• Aurora Shopping Centre, Aurora
• Bramalea City Centre, Brampton
• Shoppers World Brampton, Brampton
• Trinity Common, Brampton
• Burlington Mall, Burlington
• Millcroft Centre, Burlington
• Cambridge Centre, Cambridge
• Woodbine Centre, Etobicoke
• Gates of Fergus, Fergus
• 175 Stone Road W., Guelph
• Centre Mall, Hamilton
• South Hamilton Square, Hamilton
• Hazeldean Mall, Kanata
• Cataraqui Town Centre, Kingston
• Lindsay Square Mall, Lindsay
• Masonville Place, London
• Westmount Shopping Centre, London
• Milton Mall Shopping Centre, Milton
• Erin Mills Town Centre, Mississauga
• Square One, Mississauga
• Meadowlands Shopping Centre, Nepean
• Upper Canada Mall, Newmarket
• 1899 Algonquin Ave., North Bay
• Centerpoint Mall, North York
• Orillia Square Mall, Orillia
• Place D'Orleans, Orleans
• Five Points Mall, Oshawa
• Bayshore Shopping Centre, Ottawa
• Billings Bridge Plaza, Ottawa
• RioCan St. Laurent, Ottawa
• Hillcrest Mall, Richmond Hill
•  Bridlewood Mall, Scarborough
• County Fair Mall, Smiths Falls
• Niagara Pen Centre, St. Catharines
• Stratford Mall, Stratford
• Sudbury Supermall, Sudbury
• Intercity Shopping Centre, Thunder Bay
• Cloverdale Mall, Toronto
• Shoppers World Danforth, Toronto
• East York Town Centre, Toronto
• Flamborough Power Centre, Waterdown
• Conestoga Mall, Waterloo
• Taunton Gardens Power Centre, Whitby
• Devonshire Mall, Windsor

Prince Edward Island

• Charlottetown Mall, Charlottetown

Quebec

• Galeries d'Anjou, Anjou
• Faubourg Boisbriand, Boisbriand
• Carrefour Angrignon, Lasalle
• Mega Centre Notre-Dame, Laval
• Galeries Chagnon , Levis
• Place Longueuil, Longueuil
• Place Alexis Nihon, Montreal
• Place Vertu, Montreal
• Terrarium Shopping Centre, Pointe Claire
• Les Galeries De La Capitale, Quebec City
• Place Fleur De Lys, Quebec City
• Place Laurier, Quebec
• Le Carrefour Rimouski, Rimouski
• Promenades Saint-Bruno, Saint-Bruno-de-Montarville
• Carrefour Saint-Georges, Saint-Georges
• Carrefour Richelieu, Saint- Jean sur-Richelieu
• Carrefour du Nord, Saint Jerome
• Carrefour de L'Estrie, Sherbrooke
• Les Rivieres Shopping Centre, Trois Rivieres

Saskatchewan

• Northgate Mall, Regina
• The Centre, Saskatoon

SOURCE Target Corporation