Target a beneficial tenant to have: Primaris CEO

Primaris Retail REIT expects the arrival of U.S. retailer Target in Canada to be beneficial, boosting the value of the locations, as well as driving sales for other tenants in any mall Target calls home.

Primaris President and CEO John Morrison tells BNN it leases space to 12 Zellers stores. Eight of those stores will begin the conversion to Target stores by 2013, and Morrison says the value of the surrounding real estate will rise because there will be a demand to be near Target. He says sales at neighbouring retailers will also jump because of the increased traffic to the area.

“By having a Target located in these properties, it’s going to be a huge benefit to these properties,” Morrison says, adding that this would also attract other U.S. retailers.