Zellers in the context of "Anchor tenant"

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⭐ Core Definition: Zellers

Zellers is a Canadian discount store retailer. Originally founded by Walter P. Zeller in 1928 and closed two years later, it was relaunched in 1931 and acquired by the Hudson's Bay Company (HBC) in 1978. After a series of acquisitions and expansions, it peaked with 350 locations in 1999. However, fierce competition and an inability to adapt during the early stages of the retail apocalypse resulted in Zellers losing significant ground in the 2000s.

In January 2011, HBC announced that it would sell the lease agreements for up to 220 Zellers stores to the US chain Target. While HBC initially retained 64 Zellers locations, it announced in July 2012 that all of them would be closed by March 31, 2013. When the chain ceased, HBC converted three former stores into Zellers-branded liquidation outlets for Hudson's Bay stores, however they all had closed by January 2020.

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👉 Zellers in the context of Anchor tenant

In North American, Ireland, United Kingdom, Australian and New Zealand retail, an anchor tenant, sometimes called an anchor store, draw tenant, or key tenant, is a considerably larger tenant in a shopping mall, often a department store or retail chain. They are typically located at the ends of malls, sometimes in the middle. With their broad appeal, they are intended to attract a significant cross-section of the shopping public to the center. They often are offered steep discounts on rent in exchange for signing long-term leases in order to provide steady cash flows for the mall owners.

Some examples of anchor stores in the United States are Macy's, Sears, JCPenney, Nordstrom, Neiman Marcus, Saks Fifth Avenue, Dick's Sporting Goods, Dillard's, Kohl's, Walmart, and Target. Canadian examples are Nordstrom, TJX Canada (HomeSense, Winners, Marshalls), Walmart, Saks Fifth Avenue, and Sporting Life. Anchor stores that left Canada include Zellers, Hudson's Bay, Nordstrom Rack, Sears, and Target.

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Zellers in the context of Hudson's Bay Company

The Hudson's Bay Company (abbreviated HBC and colloquially Hudson's Bay) is a Canadian holding company of department stores and commercial property. It is the oldest corporation in North America, founded in 1670, although the company is in the process of being liquidated. It is headquartered at the Simpson Tower in Toronto.

The founding royal charter, issued by King Charles II, granted the company the right of "sole trade and commerce" over the Rupert's Land territory, the borders of which were based on the Hudson Bay drainage basin. It controlled the fur trade throughout English and later British North America, and was its de facto government until it relinquished control of the land to Canada in 1869. The company then diversifed with the ownership and operation of several retail businesses throughout the latter country. It established its namesake department stores in 1881, the Home Outfitters home furnishings stores in 1999, and acquired the Zellers and Fields discount stores in 1978. It also owned several regional department stores that were eventually converted to The Bay, including Morgan's, Simpsons, and Woodward's. Expansions beyond Canada included the United States, where it owned department stores including Lord & Taylor, Saks Fifth Avenue, and Saks Off 5th in the 2010s; and the Netherlands, where it sold its remaining stores in 2019.

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