Target wins approval to come to Canada
Ottawa has approved Target Corp.'s plan to enter the Canadian market and sell books and other cultural products such as DVDs, music and magazines.
The plan by the U.S. retailer to open stores in Canada was reviewed under the Investment Canada Act to ensure the store's shelves have enough home grown content.
Among other things, Ottawa's review focused on the retailing of cultural products, including books, DVDs, music and magazines.
But the retailer has won Ottawa's approval for its plan to convert between 125 and 135 former Zellers stores into Targets in part by committing to invest more than $3.5 billion in capital investment in Canada.
The Government's approval was also based on other commitments from the company, including:
- employment of 100 to 200 people at each store, which means the creation of 20,000 to 25,000 jobs in Canada by 2015;
- the availability and promotion of Canadian cultural products;
- the participation of Canadians in the business;
- and support for Canadian cultural events and organizations.
"Target's investment in Canada's economy shows our plan is working and will be of great benefit to Canadian workers, Canadian consumers, and their families," Heritage Minister James Moore said in a statement.
With files from The Canadian Press