Discount retailer Target is making plans to expand outside the US, including a foray into Canada.

The retailer wants to open its first stores outside its home country within three to five years. It is considering Canada, Mexico or Latin America as its most likely destinations.

“As we approach each of these growth opportunities, Target will apply the same rigorous financial discipline that we have applied historically, ensuring a returns-based approach and the prudent use of capital,” said Target chairman, president and chief executive Gregg Steinhafel.

“We are excited about the growth potential for Target and believe we have the capital, talent, and right blend of discipline and innovation to deliver meaningful value.”