Kimco Realty Corp sold 9.2 acres of land to Target Corp for the construction of a new store in Kimco’s Grand Parkway Marketplace

Target to anchor ground-up development project in Houston

NEW HYDE PARK, NEW YORK, 2016-Mar-03 — /EPR Retail News/ — Kimco Realty Corp. (“Kimco”) (NYSE: KIM) is pleased to announce the sale of 9.2 acres of land to Target Corporation for the construction of a new store in Kimco’s Grand Parkway Marketplace, a development in Spring, Texas (Houston-The Woodlands-Sugar Land, Texas metropolitan statistical area). Target will be an anchor retailer for this project.

The property is located at the interchange of Grand Parkway and Kuykendahl Road, a rapidly growing area near the Exxon Corporate Campus that features direct exposure to the new segment of the Grand Parkway, which extends from I-290 to I-45, and opened in early February of 2016.

The Grand Parkway Marketplace development is currently 75% pre-leased based on leases in progress and signed letters of intent, including six leases with national, best-in-class junior anchors. The center is expected to draw from the highly desirable Woodlands area, and boasts excellent demographics with a population of 168,000 people and an average household income exceeding $100,000 within a 5-mile radius.

“We are excited to have Target anchor our Grand Parkway Marketplace development project. Based upon the strong retailer demand, we will create a unique open-air shopping center that will feature an exceptional first-class line-up of national tenants and local favorites in one of our core major metro markets,” said Conor Flynn, President and Chief Executive Officer of Kimco. “This project is just part of our overall 2020 Vision focused on creating value through selective development and redevelopment opportunities.”

Kimco anticipates beginning construction of the 450,000 square-foot open air center in the summer of 2016 with the opening scheduled for the spring of 2017.

About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of December 31, 2015, the company owned interests in 564 U.S. shopping centers comprising 90 million square feet of leasable space across 38 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

CONTACT:
Kimco Realty Corp.
David F. Bujnicki
Senior Vice President, Investor Relations and Corporate Communications
1-866-831-4297
dbujnicki@kimcorealty.com

RioCan Real Estate Investment Trust, Target Corp reach settlement over the eighteen leases

TORONTO, ONTARIO, 2015-11-25 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) is pleased to announce that, on its behalf and on behalf of its co-owners, it has entered into a binding agreement (“Settlement Agreement”) with Target Corp., the US parent ofTarget Canada Co. (“Target Canada”), concluding terms of settlement relating to the eighteen leases that were disclaimed pursuant to the Companies’ Creditors Arrangement Act (“CCAA”).

Target Corp. had entered into indemnity agreements (the “Indemnities”) with certain RioCan entities (including co-owned entities) and wherebyTarget Corp. indemnified those entities for, among other matters, the obligations of Target Canada Co. pursuant to the various leases.

In consideration of a net payment of $132 million to RioCan, of which approximately $92 million belongs to RioCan with the remainder to be distributed to its various co-owners, the relevant RioCan entities and their partners have agreed to release Target Corp. from the Indemnities relating to the Subject Leases. The relevant RioCan entities have also directed that any distributions from Target Canada to be made to such entities, insofar as they relate to the Subject Leases, will be paid to Target Corp.

RioCan has received payment in full of the settlement amount.

The proceeds of the settlement will be utilized by RioCan and its co-owners to mitigate losses caused by Target Canada’s departure and disclaimer of the Subject Leases.

Leasing Update:

At the time of Target Canada’s announcement that it would close all of its Canadian stores, RioCan had 26 locations that were under lease to Target Canada. Through the CCAA, leases at seven locations were assigned to other tenants (six locations to Lowe’s and one to Canadian Tire). RioCan’s leasing team continues to work diligently negotiating with potential tenants to backfill the premises at the remaining nineteen properties with the objective to utilize the space optimally so as to improve the overall shopping centre and increase revenues in the most efficient, expedient, and effective manner possible.

To date, RioCan has made great progress, and there is strong momentum behind the Trust’s leasing efforts. It is anticipated that the backfilled units will begin to come on line in mid-2016, and that most of the work that has currently been identified will be completed by the end of 2017.

Once complete, the centres will benefit from increased cashflow, in part due to higher rental revenue, and from higher recoveries as the new leases are more market based, providing for a full pro-rata share of operating cost recoveries, utilities, and realty taxes, which were capped under the former Target Canada leases. Traffic to the centres is expected to be higher, which should result in greater sales, and stronger tenants. Furthermore, the new cashflow stream will be more diverse, have longer remaining terms, and will have a stronger growth profile than the previous Target Canada leases, which were assumed from Zellers and had little, if any, rent growth through the remaining lease terms and renewal options. As a result, management is very confident that overall RioCan will end up with a stronger portfolio that will generate a more secure, diverse, and faster growing cashflow stream.

To date, RioCan has completed 14 leases totalling approximately 448,000 square feet (“sf.”) at 100% (344,000 sf. at RioCan’s interest). These 14 leases will, at RioCan’s interest, generate $5.2 million of base rental revenue per year.

RioCan has two conditional offers to lease space totalling 50,000 sf. at RioCan’s interest and at 100%. These conditional leases are expected to generate $0.6 million at RioCan’s interest of base rental revenue per year.

In addition, RioCan is in advanced stages of negotiation for another 16 leases totalling approximately 670,000 sf. at 100% (538,000 sf. at RioCan’s interest) that are expected to be finalized by the end of the first quarter of 2016. These 16 leases are expected to generate $4.5 million at RioCan’s interest of base rental revenue per year.

Collectively, these 32 leases represent approximately $10.3 million at RioCan’s interest, or 94% of the total rental revenue lost through Target’sdeparture. The expected cost to complete the redevelopment work related to the 32 leases is currently estimated to be approximately $110 million(approximately $75 million at RioCan’s interest). The overall redevelopment costs will evolve as additional tenants are secured, development plans are completed and construction costs finalized.

There is 568,600 sf. at 100% (406,000 sf. at RioCan’s interest) that is currently being marketed, but is not presently the subject of active lease negotiations where redevelopment plans are being prepared.

The area that will be converted for landlord purposes including common area, loading docks and other uses represents 186,000 sf. at 100% (156,000 sf. at RioCan’s interest). The remaining 195,500 sf. at 100% and RioCan’s interest represents space for potential redevelopment, where plans have not yet been finalized.

The lease agreements are in various stages of negotiations and there can be no assurance as to how many of the leases agreement will be completed or their timelines.

Leasing Summary

Deal Count Square Feet at 100% Square Feet at RioCan’s Interest Annual Base Rental Revenue at RioCan’s Interest (millions)
Original Target Leases
Former Target Canada Space 19 2,091,480 1,662,977 $ 10.9
Backfill Progress
Committed Space 14 448,130 343,669 $ 5.2
Conditional Agreements 2 49,906 49,906 $ 0.6
Advanced Discussions 16 669,544 538,321 $ 4.5
Total Leased or in discussions 32 1,167,580 931,896 $ 10.3
Space Currently Marketed 568,625 406,121 TBD
Total NLA upon completion of redevelopment 1,736,205 1,338,017
GLA converted for landlord uses (common area, loading docks, etc.) 186,155 155,841 n/a
Space for demolition/potential redevelopment 195,433 195,433 TBD
Total* 2,117,793 1,689,291 .
* Expansion space at RioCan Niagara Falls results in an additional 26,313sf. of net leasable area at this property.

Property Level Highlights:

RioCan’s progress backfilling the spaces previously occupied by Target Canada varies from property to property. The following summaries highlight the progress that has been made to date in 13 of RioCan’s shopping centres. Where not otherwise stated, all tenant spaces described below are at 100% interest.

Single Tenant Solutions:

At RioCan’s Stockyards property in Toronto, Ontario, RioCan has entered into a lease agreement with Nations Fresh Foods to occupy the entire 153,450 sf. (76,725 sf. at RioCan’s interest) that was previously occupied by Target Canada generating roughly the same base rental revenue that was generated by Target Canada. Nations Fresh Foods is part of an Ontario based full service grocery chain focused on providing a multi-ethnic fresh food shopping experience through its Oceans Fresh Food Market and Nations Fresh Foods banners.

Currently, RioCan is in advanced stages of lease negotiations involving various single tenant solutions totalling 455,663 sf. at 100% (397,880 sf. at RioCan’s interest), which we expect will be completed over the next several months at Millcroft Shopping Centre, Orillia Square Mall, RioCan Niagara Falls, and RioCan Scarborough Centre.

Burlington Mall (RioCan ownership – 50%)

At RioCan’s Burlington Mall property in Burlington, Ontario, Target Canada previously occupied approximately 121,500 sf. paying $4.17/sf. in base rent (approximately $0.5 million at 100%, $0.3 million at RioCan’s interest). The former Target box will be reconfigured to accommodate four large format tenants of approximately 22,000 sf. each, and additional small shop space aggregating approximately 10,000 sf. RioCan currently has a commitment from Denninger’s Fresh Foods of the World, a specialty food retailer (23,000 sf.), and negotiations are substantially complete with three national tenants for the remaining large format premises. As a result of the redevelopment, approximately 23,000 sf. of the former Target Canada premises will be converted to a new interior corridor, including a new mall entrance, landlord storage or will be demolished.

The Trust expects to file for site plan approvals in late 2015 and commence construction on the redevelopment in 2016 with tenants taking possession of the space in 2017. Upon completion, the redeveloped space is expected to generate base rental revenue of $20.72/sf. on the reconfigured space generating approximately $2.0 million annually at 100% ($1.0 million at RioCan’s interest).

Charlottetown Mall (RioCan ownership – 50%)

At RioCan’s Charlottetown Mall in Charlottetown, Prince Edward Island, Target Canada previously occupied approximately 107,800 sf. paying$4.20/sf. in base rent (approximately $0.5 million at 100%, $0.2 million at RioCan’s interest). The former Target box will be reconfigured to accommodate four large format tenants ranging in size from approximately 20,000 sf. to 30,000 sf. each, as well as two small shop tenants totalling approximately 5,000 sf. each. Negotiations with three national tenants are at an advanced stage.

Approximately 7,000 sf. of the former Target Canada premises will be converted to landlord storage or demolished. Construction is expected to begin in the fourth quarter of 2015, with tenants taking possession and opening in the second half of 2016. Upon completion, the redeveloped space is expected to generate base rental revenue of $12.46/sf. generating approximately $1.3 million annually at 100% ($0.6 million at RioCan’s interest).

Lawrence Square (RioCan ownership – 100%)

At its Lawrence Square property in Toronto, Ontario, RioCan has successfully backfilled most of the 89,430 sf. that was leased to Target Canada. Target Canada was paying $7.50/sf. (approximately $0.7 million). The space will be reconfigured to accommodate four large format tenants ranging in size from 12,000 sf. to 28,000 sf. RioCan has successfully leased 63,000 sf. to HomeSense (23,000 sf.), Marshalls (28,000 sf.), and PetSmart (12,000 sf.). Work began at the site in the third quarter of 2015 and RioCan expects to complete the redevelopment and expects the new tenants will take possession of the spaces in the first half of 2016. The remaining unit of approximately 15,000 sf. is being marketed. Upon completion, approximately 12,000 sf. will be used for common area uses.

Upon completion, the redeveloped space is expected to generate base rental revenue of $19.56/sf. generating approximately $1.5 million annually.

Trinity Common Brampton (RioCan ownership – 100%)

At Trinity Common Brampton, in Brampton, Ontario, Target Canada previously occupied 118,200 sf. paying $7.50/sf. in base rent (approximately $0.9 million). The former Target box will be reconfigured to accommodate three new large format tenants. RioCan currently has commitments from DSW (20,000 sf.) and Michaels (23,000 sf.) and negotiations are substantially complete with one national tenant for the remaining unit (25,000 sf.).

RioCan expects to file for site plan approvals in the fourth quarter of 2015, and commence construction in mid-2016, with tenants taking possession in early 2017. As a result of the redevelopment, approximately 50,000 sf. will be removed or reconfigured to create the new tenant facades and loading areas. Upon completion, the redeveloped space is expected to generate base rental revenue of $20.15/sf. generating approximately $1.4 millionannually.

Shoppers World Brampton (RioCan ownership – 100%)

At Shoppers World Brampton, in Brampton, Ontario, Target Canada previously occupied 121,490 sf. paying $4.18/sf. in base rent (approximately $0.5 million). The former Target box (121,490 sf.) will be reconfigured to accommodate four large format tenants ranging in size from 15,000 sf. to 38,000 sf. and additional small shop space aggregating approximately 6,000 sf. RioCan currently has a commitment from GoodLife Fitness (38,000 sf.) and negotiations are in various stages with three national tenants for the balance of the large format premises.

Construction is anticipated to start in mid-2016 with tenants taking possession a year later. As a result of the redevelopment, approximately 13,000 sf. of the former Target Canada premises will be converted to common area. Upon completion, the redeveloped space is expected to generate base rental revenue of $9.77/sf. or approximately $1.1 annually.

RioCan Durham Centre (RioCan ownership – 100%)

At RioCan’s Durham Centre in the Greater Toronto Area market of Ajax, Ontario, Target Canada previously occupied 121,280 sf. paying $8.11/sf. of base rent (approximately $1.0 million). The former Target box (121,280 sf.) will be reconfigured to accommodate three new large format tenants ranging in size from 20,000 sf. to 23,000 sf. and additional small shop space aggregating approximately 5,000 sf. RioCan currently has commitments from Michaels (23,000 sf.) and DSW (20,000 sf.) with negotiations in the final stages for another 23,000 sf. with a national retailer.

Construction is expected to commence in the second quarter of 2016, with tenants taking possession in the early 2017. As a result of the redevelopment, approximately 50,000 sf. of the former Target Canada premises will be demolished. Upon completion the redeveloped space is expected to generate base rental revenue of $18.68/sf. generating approximately $1.3 million annually.

Gates of Fergus (RioCan ownership – 50%)

At RioCan’s Gates of Fergus shopping centre in Fergus, Ontario, Target Canada previously occupied 95,978 sf. paying $7.00/sf. of base rent ($0.7 million at 100%, $0.4 million at RioCan’s interest). The former Target box will be reconfigured to accommodate three large format tenants ranging from approximately 9,000 sf. to 24,000 sf. per unit. RioCan currently has commitments from Dollarama (12,700 sf.) and Giant Tiger (20,000 sf.) and negotiations are at an advanced stage for the remaining unit.

Construction has commenced on demising the space and we anticipate tenants will take possession in the second quarter of 2016. As a result of the redevelopment, approximately 30,000 sf. of the former Target Canada premises will be converted to landlord storage or demolished. Upon completion, the redeveloped space is expected to generate base rental revenue of $10.92/sf. generating approximately $0.7 million annually ($0.4 million at RioCan’s interest).

South Hamilton Square (RioCan ownership – 100%)

At RioCan’s South Hamilton Square, in Hamilton, Ontario, Target Canada previously occupied 93,125 sf. paying $7.51/sf. of base rent (approximately$0.7 million). The former Target box will be reconfigured to accommodate three large format tenants ranging in size from 15,000 sf. to approximately 40,000 sf. RioCan currently has commitments from Fabricland (15,500 sf.) and Hamilton Trampoline Club (36,500 sf.).

Construction is anticipated to start in the second quarter of 2016 with tenants taking possession in late 2016. Upon completion the redeveloped space is expected to generate base rental revenue of $12.46/sf. generating approximately $1.2 million annually.

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $15.1 billion as at September 30, 2015. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 354 retail properties containing approximately 78 million square feet, including 49 retail properties containing 13 million square feet in the United States as at September 30, 2015. RioCan’s portfolio also includes 16 properties under development in Canada. For further information, please refer to RioCan’s website at www.riocan.com.

Forward-Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements made in this News Release (including the sections entitled: “Leasing Update” and “Property Level Highlights”) regarding the settlement reached with Target Corporation and the Trust’s ability to lease space previously vacated by Target Canada together with other statements concerning RioCan’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. All forward-looking statements in this News Release are qualified by these cautionary statements.

These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on RioCan’s current estimates and assumptions, which are subject to risks and uncertainties, including those described under “Risks and Uncertainties” in RioCan’s Management’s Discussion and Analysis for the period ended September 30, 2015, which could cause actual events or results to differ materially from the forward-looking statements contained in this News Release. Those risks and uncertainties include, but are not limited to, those related to: liquidity and general market conditions; tenant concentrations and related risk of bankruptcy or restructuring (and the terms of any bankruptcy or restructuring proceeding), occupancy levels and defaults, including the failure to fulfill contractual obligations by the tenant or a related party thereof; lease renewals and rental increases; the ability to re-lease and find new tenants for vacant space; retailer competition; access to debt and equity capital; interest rate and financing risk; joint ventures and partnerships; the relative illiquidity of real property; unexpected costs or liabilities related to acquisitions and dispositions; development risk associated with construction commitments, project costs and related approvals; environmental matters; litigation; reliance on key personnel; management information systems; unitholder liability; income and indirect taxes; U.S. investments, property management and foreign currency risk; and credit ratings.

RioCan currently qualifies as a real estate investment trust for tax purposes and intends to continue to qualify for future years. The Income Tax Act (Canada) contains provisions which potentially impose tax on publicly traded trusts which qualify as specified investment flow-through entities (the SIFT Provisions). However, the SIFT Provisions do not impose tax on a publicly traded trust which qualifies as a real estate investment trust (REIT). Should RioCan no longer qualify as a REIT under the SIFT Provisions, certain statements contained in RioCan’s MD&A may need to be modified. RioCan is still subject to Canadian tax in their incorporated Canadian subsidiaries.

The Trust’s U.S. subsidiary qualifies as a REIT for U.S. income tax purposes. The subsidiary expects to distribute all of its U.S. taxable income (if any) to Canada and is entitled to deduct such distributions for U.S. income tax purposes. The subsidiary’s qualification as a REIT depends on the REIT’s satisfaction of certain asset, income, organizational, distribution, unitholder ownership and other requirements on a continuing basis. The Trust anticipates that the subsidiary will continue to qualify as a U.S. REIT in the future. The Trust’s U.S. subsidiary is subject to a 30% or 35% withholding tax on distributions to Canada.

Other factors, such as general economic conditions, including interest rate and foreign exchange rate fluctuations, may also have an effect on RioCan’s results of operations. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: a stable retail environment; relatively low and stable interest costs; a continuing trend toward land use intensification, including residential development in high growth and urban markets; access to equity and debt capital markets to fund, at acceptable costs, future capital requirements and to enable the Trust to refinance debts as they mature; and the availability of investment opportunities for growth in Canada and the U.S..

For a description of additional risks that could cause actual results to materially differ from management’s current expectations, see “Risks and Uncertainties” in RioCan’s Management’s Discussion and Analysis in its 2014 Annual Report, and for the period ended September 30, 2015, and in “Risks and Uncertainties” in RioCan’s AIF. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. Certain statements included in this News Release may be considered “financial outlook” for purposes of applicable Canadian securities laws, and as such the financial outlook may not be appropriate for purposes other than this News Release. The forward-looking information contained in this News Release is made as of the date of this News Release, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release.

Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information:
RioCan Real Estate Investment Trust
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018
www.riocan.com

SOURCE: RIOCAN

Target Corp. launches enhanced return policy; extends the return window to one year from the date of purchase

Enhancements offer added ease and underscore retailer’s commitment to owned and exclusive brands

MINNEAPOLIS, 2015-3-19 — /EPR Retail News/ — Target Corp. (NYSE: TGT) announced today an enhanced return policy covering all of the retailer’s 32 owned and exclusive brands, which extends the return window to one year from the date of purchase. The retailer also rolled out a one-year return guarantee for guests using Target’s baby, college or wedding Gift Registry. These enhancements illustrate Target’s commitment to offering high-quality products, and are designed to simplify the shopping experience, providing an easier return process on thousands of Target exclusive items.

“At Target, we’re putting our guests first and are committed to offering a shopping experience that’s inspiring and rooted in ease,” said Kathee Tesija, chief merchandising and supply chain officer, Target. “Our enhanced return policy offers our guests convenience we think they’ll appreciate, while providing additional assurance of the quality of owned and exclusive brands found only at Target.”

Return Policy on Owned and Exclusive Brands

Effective immediately, guests can bring back owned and exclusive-brand items with their receipt to a Target store to receive a full refund within one year of the item’s purchase date. This is an adjustment from the previous 90-day limit. As an added benefit for guests who make purchases using Target’s REDcard, an additional 30 days will be provided to make returns or exchanges. Guests are guaranteed satisfaction when they purchase any of the thousands of items from the retailer’s portfolio of owned and exclusive brands, including Archer Farms, AVA & VIV, Boots & Barkley, C9 Champion, Chefmate, Cherokee, Circo, Durabuilt, Designed/Distributed by Target (Holiday, Easter, Halloween, etc. seasonal products), Embark, Fieldcrest, Gilligan & O’Malley, Kid Made Modern, Liz Lange, Merona, Mossimo, Mossimo Supply Co., Nate Berkus, ProSpirit, Pure Energy, Room Essentials, Shaun White, Simply Balanced, Smith & Hawken, Sonia Kashuk, Spritz, Sutton & Dodge, Threshold, up & up, Wine Cube, Xhilaration and Yoobi.

Return Policy on Gift Registry Items

To further simplify guests’ registry experience, Target has extended the return period for all Gift Registry items from 90 days to one year from the guest-designated event date. Guests can return most new, unopened items at any Target store using a gift receipt or their Gifts Purchased List, which can be printed in store or accessed online.

Complete details on Target’s return policy are available here.

 

About Target

Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,795 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

 

media contact

 

Erika Winkels p: (612) 761-6729

Target Corp. to open 15 stores in 2015: eight TargetExpress locations, one CityTarget and six general merchandise stores

Fifteen new stores focus on localization and guest experience, including two TargetExpress locations in the Washington, D.C. area and one in Chicago

MINNEAPOLIS, 2015-2-2 — /EPR Retail News/ — Target Corp. (NYSE: TGT) will open 15 stores in 2015, including three distinct store formats: eight TargetExpress locations, one CityTarget and six general merchandise stores. Target’s strategic store growth is focused on reaching guests in urban centers with new formats like TargetExpress and CityTarget, while also offering new experiences, merchandising layouts and innovations in its general merchandise stores.

“Our store growth looks different today than it did five years ago, driven by guests’ expectations for ease and personalization in their shopping experience. Smaller formats like TargetExpress and CityTarget offer customized assortments and services to meet the needs of guests who are increasingly moving into urban centers. In our general merchandise stores, we’re embracing a test and learn philosophy, innovating with layouts and experiences and bringing digital and bricks and mortar together like never before,” said Tina Tyler, executive vice president and chief stores officer, Target.

TargetExpress

In addition to previously announced openings in San Francisco, San Diego and St. Paul, Minn. Target plans to bring two TargetExpress stores to the greater Washington, D.C. area and one to Chicago. The retailer’s newest and smallest format at approximately 20,000 square feet, TargetExpress provides an exceptional quick-trip shopping experience that is distinctly Target. The varying size and locations of these stores will enable Target to create a unique store experience and curated merchandise assortment localized for each community. Target will continue to test TargetExpress stores to learn more about operating small format locations and further enhance and customize the guest experience. Target currently operates one TargetExpress location in Minneapolis, which opened in July 2014 and has already made adjustments based on guest feedback and operational insights. For example, the assortment was expanded to include baking supplies, belts, sunglasses, jewelry and select apparel items, including C9 items. Beyond 2015, Target is exploring a number of opportunities to bring TargetExpress to select major markets across the country, including the greater Philadelphia area, Los Angeles, the greater Washington, D.C. area, Chicago and the San Francisco Bay area.

CityTarget

In 2015, Target will open its first East Coast CityTarget store in Boston near the Fenway ballpark, followed by a location in Brooklyn, N.Y. that will open in 2016 in the City Point development. CityTarget debuted in 2012 to bring the Target experience to urban guests, who have an affinity for great design and great value, but previously had to travel outside the city to one of Target’s suburban store locations. CityTarget offers an edited assortment of its best-selling merchandise with urban dwellers in mind. Smaller pack sizes and a curated assortment mean these guests can easily carry home a smaller package of paper towels or shop for an apartment-scale bistro set, rather than a larger, six-piece patio set designed for suburban dwellers. CityTarget stores are typically smaller than traditional Target stores, ranging in size from 80,000-160,000 square feet, and are some of its highest traffic locations in the company. There are currently eight CityTarget stores, including three in Los Angeles, two in San Francisco, one in Seattle, one in Portland, Ore. and one in Chicago.

General Merchandise

Target continues to innovate with its general merchandise stores, testing new layouts and merchandise assortments to provide guests with a great shopping experience that brings convenient, easy, personalized options. For example, the Fort Worth, Texas store will feature Target’s home product assortment in a lifestyle setting to stop guests in their tracks and allow them to imagine how products might look in their own homes. Additionally, the new Oahu-Kailua, Hawaii store will offer merchandise from approximately thirty local vendors to provide relevant merchandise for guests.

Community Programs and Partnerships

With each new store that Target builds, the company brings its legacy of giving to the local community through the programs and partnerships it supports. In 2015, Target will continue to sponsor numerous programs as part of its commitment to building strong communities including: Take Charge of Education; food donations; disaster response and relief; United Way Workplace Giving; National and Regional Days of Service; team member volunteerism; walks with national partners, including St. Jude and American Cancer Society; and, local giving by individual stores through GiftCard grants and a Community Engagement Fund.

A Great Place to Work

Target prides itself on being a great place to work and offers a dynamic, team-oriented culture focused on delivering excellent guest service. Interested candidates may begin to apply for store positions approximately three months prior to the store-opening date in any of the following ways:

  • Online at Target.com/careers
  • At kiosks located in all Target stores across the country
  • At a local job fair held prior to the store opening date

 

2015 Store Openings

The full list of 2015 store locations is below.

TargetExpress
San Francisco 225 Bush Street March
Berkeley, Calif. 2187 Shattuck Avenue March
St. Paul (Highland Park), Minn. 2080 Ford Parkway July
San Diego (South Park) 3030 Grape Street October
Target plans to open four additional locations: one in the San Francisco Bay area, two in the greater Washington, D.C. area and one in Chicago.
CityTarget
Boston 1341 Boylston Street July
 

General Merchandise

Westwood, Mass. 221 University Avenue March
Maui-Kahului, Hawaii 100 Hookele Street March
Oahu-Kailua, Hawaii 345 Hahani Street March
Lake Bluff, Ill. 975 Rockland Road July
Fort Worth, Texas 8917 Tehama Ridge Parkway October
San Diego 17170 Camino Del Sur October

 

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,790 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

Target Corp. announces the appointment of Jacqueline Hourigan Rice as senior vice president, chief risk and compliance officer

MINNEAPOLIS, 2014-11-12— /EPR Retail News/ —  Today, Target Corp. (NYSE: TGT) announced it has hired Jacqueline Hourigan Rice as senior vice president, chief risk and compliance officer.

Rice joins Target effective December 1 and will report directly to Brian Cornell, chairman of the board and chief executive officer of Target. In addition, the company is elevating the position to include centralized oversight of enterprise risk management, compliance, vendor management and corporate security under her leadership.

Rice comes to Target from General Motors Company where she was most recently the chief compliance officer. Her 17-year-career with the company included key global leadership roles in areas that included ethics, compliance and data privacy.

“Earlier this year, Target stated our commitment to overhaul our information security and compliance structure and practices, and with that came the need to elevate the role of key positions in the company,” said Cornell. “Jackie is a proven leader with solid global experience and I know she has what it takes to help us move forward in this complex and ever-changing environment.”

“Throughout the process I was struck by the unwavering commitment and incredible talent across Target, and I am thrilled to begin this next chapter of my career,” said Rice. “I look forward to shaping the company’s vision on compliance and risk for the future.”

Earlier this year, Target announced that the company was overhauling information security and compliance which included external searches for leaders in those areas.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,934 stores – 1,801 in the United States and 133 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow@TargetNews on Twitter.

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Jacqueline Hourigan Rice, Senior Vice President, Chief Risk and Compliance Officer

Jacqueline Hourigan Rice, Senior Vice President, Chief Risk and Compliance Officer

Target Corp. to open its sixth TargetExpress store in the South Park area of San Diego in July 2015

MINNEAPOLIS, 2014-9-16— /EPR Retail News/ — Target Corp. (NYSE: TGT) today announced plans for its sixth TargetExpress store, opening in the South Park area of San Diego in July 2015. The store will be located at the northeast Corner of Grape Street and Fern Street. At approximately 19,000 square feet, this store will be about 14 percent of the size of a typical general merchandise Target store (135,000 square feet).

TargetExpress offers guests a convenient stop for essentials with a quick trip experience that is distinctly Target. Like other TargetExpress locations, the South Park store will offer an edited assortment that is locally relevant to meet urban guests’ quick trip wants and needs at an everyday value. For example, this store could include TargetExpress features such as grab and go food options, a full Beauty department and a Pharmacy. The specific offering at the South Park TargetExpress will be determined as construction gets underway.

Target currently operates one TargetExpress store in Minneapolis, and the San Diego location is the fifth store to be announced for a 2015 opening.  Three of these stores will be located in the San Francisco Bay Area and one in the Highland Park area of St. Paul, Minn.

Target sees an opportunity to serve urban guests in the vibrant, densely populated neighborhood of South Park. Filled with boutiques and restaurants, South Park sees heavy foot traffic from locals and tourists alike.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,925 stores – 1,795 in the United States and 130 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

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Target Corp. to open its sixth TargetExpress store in the South Park area of San Diego in July 2015

Target Corp. to open its sixth TargetExpress store in the South Park area of San Diego in July 2015

Target Corp. unveils its annual list of top toys for the upcoming holidays

Annual list blends favorite brands and Target exclusives, while new assortment focuses on learning and creative play benefits

MINNEAPOLIS, 2014-9-16— /EPR Retail News/ — Target Corp. (NYSE:TGT) today unveiled  its annual list of top toys for the upcoming holidays, as well as a new and expanded assortment of boutique brand toys that are designed to inspire creative play.

Through partnerships with dozens of specialty toy brands, including Wonderology, Hape, Mindware and more, Target is offering hundreds of toys in stores and at Target.com that have traditionally only been found at small boutiques.  The boutique brand toys focus on play patterns such as discovery, exploration and imagination that promote child development.  First available in August, the assortment boasts high quality construction and includes animal figures and play sets, wooden toys, arts & crafts, science kits and more.

“One of this year’s top toy trends is to focus on how creative play helps children advance cognitive development, increase exploration and recognize their abilities to function in the world,” said Ken Seiter, Vice President, Strategic Communications, Toy Industry Association.  “We are excited to see Target emphasizing the importance of creative play by offering this new and expanded assortment.”

“As we approach the holidays, guests can count on Target whether they’re searching for the toy that everyone is talking about or the game that will be sure to spark a child’s imagination,” said Kathee Tesija, executive vice president and chief merchandising and supply chain officer, Target.  “Target is dedicated to offering our guests an expansive toy assortment to help them find the perfect gift for every kid on their list.”

Target’s Top Toy List

Target’s top toy list includes an expanded selection of kid-focused electronic items as well as the toys that will be most in demand this holiday season.  Partnering with top manufacturers to identify the hottest kids’ gifts for the season, the list features kids’ favorite brands, Target exclusives and selections for boys and girls of all ages.  Toys are highlighted by age to easily identify the right gift for every child:

9 Months to 3 Years

4 Years to 6 Years

7 Years to 9 Years

Kids’ 10 Years and Up

Target’s BOUTIQUE BRAND Toys

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,925 stores – 1,795 in the United States and 130 in Canada – and at http://www.target.com.  Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

For more information, visit Target.com/Pressroom.

Note: Target welcomes the media to its stores. To contact your local store about shooting b-roll or photos or to request a local interview, please visit “Find a Store” at Target.com and contact the Leader on Duty. You also may visit Target.com/Pressroom to access product information, photos, and more.

Click for Spanish version of this release.