Target Canada opened new stores last week (NYSE:TGT)

Target Canada

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Target Canada opened new stores last week (NYSE:TGT)

Target had bought the leases of 150 Zellers locations from Hudson’s Bay Company (HBC.to)  for $1.8 Billion in early 2011 but only plans to convert approx 100 of those into new Canada Target locations.

Target launched a few openings in Canada last week. Its on track to open 125 to 135 stores across Canada. Many of the stores won’t have grand openings till late March , early April 2013.

The few that did open have been “soft openings” according to a Target employee and most of the inventory will not arrive till April 2013 which is disappointing to many early Canadian Target customers that visited the bare new locations.

Many of the shelves were empty and looked more like a store going out of business than a grand opening.  Some customers were saying that it looked more like the Zellers before they shut down then a US TARGET store with shelves fully stocked.

The Target chain currently has 1,752 stores in 49 states across the United States so the Canada expansion into 2013/2014 will add approx 7% to total stores.

 

Many empty shelves in new Target Canada location: lot of Toronto Maple Leafs shirts and lots of soda pop but most other shelves were bare.

 

 

Target Stock though has done well here is a NYSE:TGT chart below : ( hit highs today over $67 which has not seen since October 2007)

 

NYSE:TGT free chart

Other US retailers moving into Canada:

1) NYSE:TJX  – TJ Maxx Canada

http://tjxcanada.ca/index.asp    http://marshallscanada.ca/en/locator.aspx

Marshall’s owned by TJX Companies ( NYSE:TJX) which owns Winners and Home Sense also has set up new locations in Canada in the past year. It has 14 open Marshalls locations currently with 7 more opening in early April.

Winners  already has 213 stores in Canada and 4 more slated to open late March /early April 2013

Home Sense  has 88 stores open in Canada

NYSE: TJX Chart

 

2) NYSE: WMT  – Walmart Canada

Been in Canada since 1994 and has already expanded to 379 Locations includes 209 Walmart Supercenters and 170 Walmart Discount Stores.

 

3) NYSE:M – Macy’s

Bloomindale’s has been in talks the past year with Hudson Bay ( HBC.to ) to bring the the luxury retailer to Canada. The concept would be a “store within a store”

Article from early last year talks a bit about it

http://www.cbc.ca/news/business/story/2012/05/01/hbc-bloomingdales-canada.html

An important trivia that you may not have known on Hudson’s Bay Company. It was chartered in 1670 and is the oldest stock/merchadising company in North America.

 

HBC.to Chart :

 

Hudson’s Bay Company Stock Chart ( HBC.to)

 

More articles on Target in Canada:

http://www.cbc.ca/news/business/story/2011/01/13/target-zelles-takeover.html

 http://business.financialpost.com/tag/target-canada/

 

 

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