Target Finalizes Real Estate Transaction with Selection of 84 Additional Zellers Leases

MINNEAPOLIS, Sept. 23, 2011 /CNW/ - Target Corporation (NYSE: TGT) is pleased to announce today that it has finalized its real estate transaction with Zellers Inc. with the selection of 84 additional Zellers leases, bringing the total number of leases selected, including an initial group of 105 leases selected in May, to 189. From this second group, Target has acquired the leasehold interests for 29 locations, the vast majority of which will open as Target stores beginning in 2013. The remaining leases have been or will be sold to other Canadian retailers or back to landlords.

"Target is excited to take another meaningful step toward our expansion in Canada," said Tony Fisher, president, Target Canada. "We look forward to delivering a superior shopping experience for our guests throughout Canada and building on our strong reputation as a good neighbour and partner in the communities in which we do business."

Target announced in January that it would purchase, for C$1.825 billion, the leasehold interests of up to 220 sites currently operated by Zellers Inc., a subsidiary of Hudson's Bay Company. In May, Target selected an initial group of 105 leases, spanning all 10 provinces, in conjunction with its first payment to Zellers Inc. The vast majority of those sites will become Target stores beginning in 2013. The 84 leases announced today are part of Target's second and final selection, and include the 39 leases for which Target transferred the rights to Walmart, as announced in June. As part of its transaction with Walmart, Target acquired the lease for one of Walmart's vacant properties, which will open as a Target store. A full list of the addresses included in Target's second selection accompanies this release.

Target plans to open 125 to 135 stores in Canada, the majority of which will open in 2013, beginning with the first cycle in March and continuing with four subsequent cycles later in the year. All selected sites that will become Target stores will be subleased to Zellers and will continue to operate as a Zellers store for some time. For locations that will become Target stores, the majority will be closed for at least six to nine months as they undergo significant remodelling prior to opening. On average, about $10 to $11 million will be invested in remodelling each location. Target plans to announce the locations of its March 2013 store openings in the coming months. Stores in subsequent opening cycles will be announced throughout 2012.

Target is excited to build its talented and dedicated team in Canada. The company has already begun to hire team members for positions at its Mississauga headquarters location, and Target looks forward to beginning the store hiring process in 2012. Each Target store in Canada will employ approximately 150 to 200 team members. Target will also engage with Zellers associates to make it easy for them to apply for jobs at Target. Canadians interested in working for Target are encouraged to visit Target.ca/careers to learn more about job opportunities and Target's fun, collaborative work environment.

Forward-Looking Statements

The statements on the number and timing of Target store openings in Canada and the average investment in each location are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties, which could cause the company's actual results to differ materially. The most important risks and uncertainties include the risks described in the Risk Factors section of the company's Form 10-K for the fiscal year ended January 29, 2011.

About Target

Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,762 stores across the United States and at Target.com. The company will open its first stores in Canada in 2013. 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.

List of Target's second and final selection of 84 additional Zellers leases
Includes potential Target stores and leases sold to other retailers or back to landlords

Alberta (8)
1221 Canyon Meadows Drive S.E., Calgary, AB - Deer Valley Shopping Centre
110-3210 118th Ave., Edmonton, AB - Abbottsfield Shoppers Mall
87th Ave. & 156th St., Edmonton, AB - Meadowlark Shopping Centre
9402 135th Ave. N.W., Edmonton, AB - Northgate Centre
3931 Calgary Trail Southbound N.W., Edmonton, AB - South Park Centre
8882 170th St., Suite 1053, Edmonton, AB - West Edmonton Mall
13557 114th Ave. & Groat Road, Edmonton, AB - Westmount Shopping Centre
3292 Dunmore Road S.E., Medicine Hat, AB - Medicine Hat Mall

British Columbia (11)
4567 Lougheed Highway, Burnaby, BC - Brentwood Mall 
11000 8th St., No. 1, Dawson Creek, BC - Dawson Mall 
945 Columbia St. W., Kamloops, BC - Sahali Centre Mall
1876 Cooper Road, Kelowna, BC - Orchard Park Plaza
2210 Main St., Suite 100, Penticton, BC - Penticton Power Centre 
500 Second Ave. W., Prince Rupert, BC - Rupert Square
8311 Landsdowne Road, Richmond, BC - Landsdowne Centre
1151 10th Ave. S.W., #400, Salmon Arm, BC - Piccadilly Place Mall 
10151 King George Highway, Surrey, BC - Surrey Place/Central City
1175 Lynn Valley Road, Vancouver, BC - Lynn Valley Centre
1610 Hillside Ave., Victoria, BC - Hillside Shopping Centre 

New Brunswick (3)
1180 Prospect St. E. Fredericton, NB - Uptown Centre
1380 Mountain Road, Moncton, NB - Northwest Centre
651 Fairville Blvd., Saint John, NB - Lancaster Mall

Newfoundland and Labrador (1)
470 Topsail Road, St. John's, NL - Zellers Plaza

Nova Scotia (6)
142 S.Albion St., Amherst, NS - Amherst Centre
900 Cole Harbour Road, Dartmouth, NS - Colby Village Plaza
1065 Central Ave., Greenwood, NS - Zellers Plaza
194 Chain Lake Drive, Halifax, NS - Bayers Lake Power Centre
116 King St., North Sydney, NS - North Sydney Mall
Prince St., Sydney, NS - Sydney Shopping Centre

Ontario (36)
60 Martindale Crescent, Ancaster, ON - Meadowland Power Centre
2383 Highway #2, Unit D, Bowmanville, ON - Clarington Town Centre
410 Fairview Drive, Brantford, ON- Brantford Centre
Grand Ave. W. & Keil Drive Extension, Chatham, ON - Thames-Lea Plaza
300 Guelph St., Georgetown, ON - Georgetown Market
1980 Ogilvie Road, Unit 171, Gloucester, ON - Gloucester Centre
499 Mohawk Road E., Hamilton, ON - County Fair Plaza
1550 Cameron St., Hawkesbury, ON - Hawkesbury Gateway Shopping Centre
245 Strasburgh Road, Kitchener, ON- Laurentian Power Centre
1005 Ottawa St. N., Kitchener, ON - Stanley Park Mall
600 Mitchell Road S., Listowel, ON - Listowel Carriage Shopping Centre
1275 Highbury Ave., London, ON - Northland Mall
2225 Erin Mills Parkway, Mississauga, ON - Sheridan Mall
1131 Dundas St. W., Mississauga, ON - Westdale Mall
1111 Davis Drive, Newmarket, ON - 404 Town Centre
700 Lawrence Ave. W., North York, ON - Lawrence Square
1700 Wilson Ave., North York, ON - Sheridan Mall North York
1455 Rebecca St., Oakville, ON - Hopedale Mall
1300 Kind St. E., Oshawa, ON - Kingsway Village
419 King St. W., Oshawa, ON - Oshawa Centre
156 Sparks St., Ottawa, ON- Heritage Place
950 Lansdowne St. W., Peterborough, ON - Parkway Centre
1355 Kingston Road, Pickering, ON - Pickering Town Centre
50 Thermos Road, Scarborough, ON - Warden & Eglinton
3469 Lawrence Ave. E., Scarborough, ON - Cedarbrae Mall
293 Bay St., Sault Ste. Marie, ON - Station Mall
285 Geneva St., St. Catharines, ON - Fairview Mall
640 Queenston Road, Stoney Creek, ON - Queenston Place
1020 Dawson Road, Thunder Bay, ON - County Fair Plaza
1101 West Arthur St., Thunder Bay, ON - Thunder Bay Mall
170 Broadway, Tillsonburg, ON - Tillsonburg Town Centre
1000 Gerrart St., Toronto, ON - Gerrard Square
2290 Dundas St. W., Toronto, ON - Southside/Pond Mills Shopping Centre
70 Bridgeport Road, Waterloo, ON - Zellers Centre
800 Niagara St. N., Welland, ON - Seaway Mall
1550 Huron Church Road, Windsor, ON - Ambassador Plaza

Quebec (16)
600 boul. Sir Wilfrid Laurier, Beloeil, QC - Montenach Mall
7200 boul. Taschereau (Local 21), Brossard, QC - Place Portabello
1324 boul. Talbot, Chicoutimi, QC - Place De Saguenay
920 boul. Maloney, Gatineau, QC - Les Galeries Gatineau
1055 boul. Firestone, Joliette, QC - Les Galeries Joliette
161 Route 230 Ouest, Bureau 400, La Pocatière, QC - Les Galeries De La Pocatière
2877 chemin Chambly, Longueuil, QC - Place Desormeaux
1700 rue Sherbrooke, Magog, QC - Les Galeries Orford
3121 rue Granby, Montreal, QC - Centre Commercial Domaine
7275 rue Sherbrooke Est., Montreal, QC - Place Versailles Shopping Centre
6700 chemin de la Côte-des-Neiges, Montreal, QC - Plaza Côte Des Neiges
101 boul. Cardinal-Léger, # 74, Pincourt, QC - Le Faubourg De l'Île'
12655 rue Sherbrooke Est., Point-aux-Trembles, QC - Carrefour De La Pointe
940 13e Ave. Nord, Sherbrooke, QC - Galeries Quatres Saisons
450 boul. Poliquin, Sorel, QC - Les Promenades De Sorel
450 boul. Arthur Sauvé, St. Eustache, QC - Carrefour St-Eustache

Saskatchewan (3)
134 Primrose Drive, Saskatoon, SK - The Mall at Lawson Heights
2325 Preston Ave., Saskatoon, SK - Market Mall
255-277 Broadway St. E., Yorkton, SK - Parkland Mall

Location of former Walmart site acquired by Target
7190 Morrison St., Niagara Falls, ON

SOURCE Target Corporation

For further information:

Amy Reilly, Target Communications, (612) 761-6782
Target Media Hotline, (612) 696-3400
John Hulbert, Investor Relations, (612) 761-6627

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