Target to transfer some Canadian leases to Walmart

MINNEAPOLIS—Target last week announced that Target Canada has reached an agreement to transfer to Walmart Canada the leasehold interests in up to 39 sites, currently operated by Zellers.

Specific locations will be identified later this fall. Terms of this transaction were not disclosed.

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. 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.