Charlottetown Mall subdividing old Target space

The owners of the Charlottetown Mall are breaking up the space previously occupied by Target to make way for as many as six new tenants.

Before closing in April, Target occupied 107,800 square feet at the mall.

• Target Charlottetown closing Wednesday

Mall owner RioCan said in a news release that space will be broken into four large-format spaces at 20,000 to 30,000 square feet each, and two small shops at about 5,000 square feet each.

The developer said negotiations with three national tenants are at an advanced stage.

Construction is expected to begin in the fourth quarter of 2015, with stores opening in the second half of 2016.

RioCan expects to substantially increase revenues in the subdivided space. Target was paying $4.20/square foot, while the new tenants are expected to generate a revenue of $12.46/square foot.