Real Estate Matters

David Marquis, Director of Corporate Real Estate for Target Corporation, recently spoke at UST's Real Estate Executive Insight Series

“Life’s a moving target” for David Marquis, Director of Corporate Real Estate for Target Corporation.  After graduating from the University of Minnesota with a degree in architecture, Marquis joined Target as a CAD store planner, and eventually moved into Target’s real estate group.  His current responsibility is managing the non-retail portfolio including office and distribution space.

Target’s Canada expansion strategy, which commenced when Target acquired the leasehold interests for Zellers retail locations throughout Canada, includes launching approximately 130 new stores in 2013.  The existing Zellers stores will be renovated; Target negotiated with the landlord in each case to allow the store to go dark during the renovation.  Target will be hiring 35,000 new team members for its Canadian expansion.  Both logistics and brand translation are important issues, namely, how to re-create the Target shopping experience with Canadian employees who have never shopped at a Target store.

As for US stores, Target is focused on two major initiatives: City Target and renovating existing stores.  While a traditional store is 130,000 square feet, new City Target stores springing up in popular urban locations throughout the US will be sized at 60,000-100,000 square feet .  This year Target broke ground on a historic rehab project in Chicago and will complete City Target stores in Seattle, Los Angeles, and San Francisco next year.  The investment in existing Target locations will add fresh grocery departments to stores, improving Target’s convenience factor as a “one-stop shop.”

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