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Target announces first 24 stores in Canada; initial openings all in Ontario
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The Associated Press
Minneapolis-based Target Corp. (NYSE:TGT) on Thursday announced the location of the first 24 of the 125 to 135 stores it plans to open in Canada beginning next year.
All of the first two dozen are at malls in various communities in Ontario.
"We are excited to announce the location of these first 24 Target stores . . . ," said Target Canada president Tony Fisher.
"In addition to providing Canadian guests with an exceptional shopping experience, Target looks forward to continuing our strong reputation of being a good neighbour in the Canadian communities in which we will do business."
Target has purchased the leasehold interests of 189 sites currently operated by Zellers Inc. and about $10 million to $11 million will be invested to remodel each facility.
Each location will employ between 150 to 200 workers, with hiring slated to being in 2012.
The announcement came on the same day that Target lowered its earnings expectations after a disappointing December in which U.S. consumers waited until the last minute to shop.
Revenue at stores open at least a year rose 1.6 per cent. That missed analyst expectations for a 3.1 per cent increase, according to Thomson Reuters.
Target's stock fell 3.4 per cent, or $1.70, to US$48.30 in afternoon trading.
Revenue at stores open at least a year is considered a key measure of a retailer's financial health because it excludes volatility from stores that open or close.
Strong grocery and beauty product sales offset weakness in electronics, movies, books and music, the company said. In addition, sales and traffic were stronger in the week before Christmas thanks to last-minute shopping.
Total revenue for the five weeks ended Dec. 31 rose 2.6 per cent to $10.14 billion.
The company now expects fourth-quarter earnings of $1.35 to $1.43 per share. That compares with prior guidance of $1.34 to $1.53 per share. Analysts had $1.48 per share.
Target Corp. said it expects revenue in stores open at least a year to rise in the low- to mid-single digit percentage range.
Following is a list of malls where the first Target stores in Canada will open, grouped by community:
Toronto, Centrepoint Mall
Toronto, Cloverdale Mall
Toronto, Shoppers World Danforth
Toronto, East York Town Centre
Mississauga, Square One Shopping Centre
Brampton, Shoppers World Brampton
Brampton, Trinity Common
Hamilton, Centre Mall
Burlington, Burlington Mall
Burlington, Millcroft Centre
London Westmount, Westmount Shopping Centre
London, Masonville Place
Kawartha Lakes, Lindsay Square Mall
Newmarket, Upper Canada Mall
Milton, Milton Mall Shopping Centre
Cambridge, Cambridge Centre
Ajax, Durham Centre
Orillia, Orillia Square Mall
Windsor, Devonshire Mall
Aurora, Aurora Shopping Centre
Fergus, Gates of Fergus
Guelph, Stone Road Mall
Waterdown, Flamborough Power Centre
Whitby, Taunton Road Power Centre
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