Posted Jan 13, 2011, 3:10 PM
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Join Date: May 2007
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Big day for retail news!
First off Target has bought all of Zeller's 220 stores leases.
100-150 will become Target and the remainder will hit the auction block.
Quote:
Target to buy Zellers for $1.8 billion
Postmedia News January 13, 2011 10:01 AM
Target Corp. said Thursday it is buying Zellers Inc., a subsidiary of the Hudson's Bay Company, for $1.8 billion.
U.S.-based Target said the purchase will allow it open its first stores in Canada beginning in 2013.
"This transaction provides an outstanding opportunity for us to extend our Target brand, Target stores and superior shopping experience beyond the United States for the first time in our company's history," Gregg Steinhafel, Target's chairman, president and chief executive officer, said in a statement.
Target expects to open 100 to 150 Target stores throughout Canada in 2013 and 2014.
Under the agreement, Target will acquire the leasehold interests of as many as 220 sites now operated by Zellers Inc.
"Zellers Inc. will sublease these sites from Target and continue to operate them under the Zellers banner for a period of time," Target said.
Hudson's Bay Company said in a statement Thursday that it was also anticipated that a number of Zellers locations will be assigned to other retail enterprises.
Fred Waks, chief operating officer at RioCan Real Estate Investment Trust, told the Financial Post in October that Target is looking for an urban strategy and will roll out first in the Greater Toronto Area.
Meanwhile, Steinhafel said Target's chief marketing officer, Michael Francis, will lead the company's move into the Canadian market.
"Under Michael's leadership, Target has emerged as one of the most recognizable brands in the world and I am pleased that he will guide our expansion into Canada," Steinhafel said in a separate statement.
Read more: http://www.canada.com/Target+Zellers+billion/4102597/story.html#ixzz1AvbrJ0aY
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And for the next purchase....Shopper's drug mark has picked up the Glebe Apothecary. They expect it to be a nice compliment for the other shopper's store two blocks away.
Quote:
Glebe Apothecary sold to Shoppers chain
By Tom Spears, Ottawa Citizen January 13, 2011 9:55 AM
OTTAWA — The Glebe Apothecary, a landmark independent drugstore for more than a quarter of a century, has been sold to the giant Shoppers Drug Mart chain.
A statement on the store’s website says simply: “To our friends and loyal customers:
“You may have noticed that we have become part of the Shoppers Drug Mart family, and you may be wondering what this means to you, our customer.
“We are and will continue to be The Glebe Apothecary, with the same people and the same commitment to customer service and our community. We will continue to offer the same mix of unique and unusual products, plus an extensive selection of Life Brand products that bring value and choice to our customers. And while Paul (Davies) will be running operations from now on, Claudia (McKeen) will remain on part time.
“Our commitment to you will not waiver, and our customers remain our number one priority.”
The website doesn’t say why the store was sold, but the business was one of a handful of independent drug stores remaining in the face of big chains.
The sale took effect Tuesday.
Paul Davies, who has worked in the store for 18 years, will now run the store as a Shoppers franchise.
“It’s the same people, it’s the same sign out front, so other than a very few cosmetic changes and some signs it really is completely identical to what you saw last week,” he said.
“The business is operated in this case by me and my company, on behalf of Shoppers Drug Mart. And ultimately they own things like the negotiated lease and all that stuff.”
The store will also stock Life brand products, the Shoppers brand.
There’s a traditional Shoppers store two blocks away, but Davies said the two stores complement each other.
The Apothecary has offered services not commonly available, including making prescription drugs in the store. It plans to continue this service.
This is called “compounding,” Davies explained, and it generally involves putting a commercial drug into a format that is not available from manufacturers.
“That’s a big part of our pharmacy. Always has been,” he said.
For instance, they turn medicine that is normally available only in adult formats into a form for infants. “You can’t give a six-month-old a pill in every case so we might make a liquid out of that.”
They also produce veterinary medicine out of drugs designed for humans.
“There’s not quite the array of drugs for pets that there is for humans.”
Former owner Claudia McKeen couldn’t be reached. Davies said only she could say why the store was sold.
© Copyright (c) The Ottawa Citizen
Read more: http://www.ottawacitizen.com/Glebe+Apothecary+sold+Shoppers+chain/4102661/story.html#ixzz1AvcFxcNb
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