The local Zellers store on Third Avenue is part of the deal that saw Minneapolis-based Target Corp. purchase Zellers stores’ from the Hudson’s Bay Company.
The $1.8-billion deal was concluded with HSBC last week, and will see Target take over as more than 200 Zellers stores across Canada.
Mayor Ken McRae made the announcement at Monday night’s city council meeting.
According to city economic development manager Pat Deakin, Target will cherry pick the stores.
HSBC will likely keep the stores whose buildings are wholly owned by them.
The local store is leased and is reported to be one of the ones that was acquired in the deal.
A subsidiary company of Target may buy the remaining stores.
However, Target “…is not pursing opening stores in every community where they bought assets,” Deakin said.
Deakin said he is “taking a pro-active approach” in lobbying Target officials to stay in Port Alberni.
“We’re not waiting for them..we’re going after them,” Deakin said.
According to its website Target plans to spend more than $1-billion to convert up to 150 of the stores to its own flag in the next three years.