Canadian grocer Metro interested in buying Target stores

Canadian grocer Metro has shown interest in select stores being sold by Target (NYSE:TGT) in Canada.

Metro is the second retailer looking at stores Target will leave behind after its departure from Canada. The other retailer, Hudson's Bay (NYSE:HBC), is considering some of the properties as part of a joint venture.

"There are a few of those stores that could be of interest to us down the road if they become available," CEO Eric La Fleche said on a conference call, reported Reuters.

On Jan. 15 Target announced it would shutter all 133 Canadian stores and the real estate sales process is expected to be completed by June. Target Canada never recovered from its initial blunders.

Metro recently converted some of its stores to the Food Basics brand, a discount grocery outlet. It also bought a majority stake in a bakery chain to expand its offerings.

For more:
-See this Reuters article

Related stories:
Target addresses Lilly Pulitzer frenzy, website crash
Target opens last three Canadian stores of 2014
Target fires head of Canadian operations 
Target still reeling from data breach, failed Canada expansion
Target apologizes to Canadian shoppers

 

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