Target aims for Canadian market with $1.8-billion takeover of Zellers

The big red Zellers banner — long a beacon to the frugal Canadian shopper — will begin to fade from many strip malls and shopping centres across the country next year, to be replaced by the giant red bull’s-eye logo of Target, its flashy U.S. cousin.

Target Corp. ( NYSE :TGT) announced Thursday it will spend $1.83 billion to take over the leases of as many as 220 Zellers stores of its choosing from the 279 locations currently owned by the storied Hudson’s Bay Company.