By the numbers: Target’s 133 stores equivalent of 15M square feet of space
Posted January 16, 2015 4:40 pm.
This article is more than 5 years old.
Target Corp. announced on Thursday that it’s leaving Canada, closing 133 stores.
But what will happen to its leased spaces by the time it shutters in about five months’ time? Some retailers are speculating that a Walmart or Canadian Tire could snap up some of the space.
Here’s a by-the-numbers look at the leased spaces that Target took over from Zellers when it first entered the market in 2013.
112,000: one retail expert told the National Post that Target has about 112,000 square feet per store. That means nearly 15 million square feet of leased space.
Over 12: landlords that have leased space to Target, including RioCan REIT, Morguard Corp., First Capital Realty Inc., Calloway REIT, Canadian Real Estate Investment Trust, Ivanhoé Cambridge, Cadillac Fairview Inc., Bentall Kennedy and Primaris, according to Royal Bank research note.
59 of 133: store spaces are controlled by publicly traded real estate firms
RioCan REIT: is the landlord with the most significant number of Target leases at 26 locations
No. 7: Target is RioCan’s seventh biggest revenue producing tenant behind Loblaws, Walmart, Canadian Tire, Metro, Cineplex and Winners.
2.1 per cent: Target leases account for about 2.1 per cent of RioCan revenues
8.2: average remaining years on the lease with RioCan REIT
