Ottawa to review Target's 'cultural content'
The federal government is conducting a review of retailer Target Corp.'s proposal to enter the Canadian market to determine whether books and other cultural products have enough home grown content.
The government review, under the Investment Canada Act, was ordered by the Minister of Canadian Heritage, James Moore, said department spokesman James Maunder.
"The Investment Act requires foreign investments in the ... book industry to be of net cultural benefit to Canada," he said.
The review stems from an order by the Privy Council Office, ordered on Mar. 27, which found it "in the public interest" to review Target's investment in Canada.
Target said Thursday that the review will focus on its planned retailing of cultural products, including books, DVDs, music and magazines.
"Target looks forward to working with the Department of Cultural Heritage regarding the retailing of cultural products," spokeswoman Lisa Gibson said in a statement.
The American retail giant is poised to begin opening the first of between 125 and 135 stores in Canada at former Zellers locations acquired from Hudson's Bay Co.
The store openings are set to start next year.