RioCan REIT announces plans to develop Target's 'flagship' Canadian store, in Toronto's west end, to open by 2013

LOS ANGELES , June 8, 2011 () – RioRioCan Real Estate Investment Trust is developing Canada's first purpose-built Target store, in Toronto's west end, The Financial Post reported June 8.

Target Canada had previously announced plans to take over existing leases. In May, it announced it was taking over 105 Zeller's locations across the country.

The first location will be 130,000 square feet and will be the chain's "flagship" Canadian store, said Ed Sonshine, RioCan CEO.

“It’s going to be the first store they have built. It’s not going to be a recycled Zeller’s store,” Sonshine said. “It will be a Target prototype. It should be open by 2013.”

Sonshine said RioCan was already Target's largest Canadian landlord and hoped to be in the future. He said RioCan also hoped to build Wal-Mart stores in Canada.

The primary source of this article is The Financial Post, Don Mills, Canada, on June 8, 2010.

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