Discount retailer, Target Corporation (TGT) reports plan to continue international expansion into Canada.
Just two weeks after Target opened three stores in Ontario, the company reported that it now plans to open 21 more stores in Canada. Out of the 21 stores, 17 stores will open on March 19, and the remaining four stores will open on March 28. Most of the new stores will be located in Toronto.
Although TGT saw several complaints about high prices and empty shelves from Canadian customers after opening its first stores in Ontario, the company has confidence that it will be able to handle Toronto’s crowds and product demands.
Target has been expanding into Canada as part as its international expansion plan. The company now plans to open 124 stores in Canada this year, with 24 of the stores in Ontario. The company expects to spend $1.5 billion on the Canadian expansion this year.
Target shares were mostly flat during Tuesday morning trading. The stock has increased 14% in the past year.
The Bottom Line
Shares of Target Corporation (TGT) have a 2.15% yield, based on Tuesday morning’s price of $66.88.
Target Corporation (TGT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.