Everyone in Florida knows what to expect from a store called Target. That brand name refers to the trendy discount retailer with the trademarked red-and-white bull's eye symbol and its stores, which are famous for stocking everything you know you need and lots of things you didn't know you needed until you saw them.

But the name "Target" might not mean the same thing in Canada, and until recently, that was a big problem for the Minneapolis-based retailer. Target plans to open up to 150 Target stores in Canada by 2013, but a company called Fairweather Ltd. Already held the rights to use the name "Target" in connection with retail stores in Canada. It operates a store called "Target Apparel" in Toronto and has said it had planned to open other Target Apparel stores in other Canadian markets.

Obviously, having two stores called Target might confuse consumers, especially when they both sell clothing (which has been one of Target's hottest sectors lately, with collections by designers like Missoni and Rodarte selling out nearly as soon as they debut.)

Target Corp. and Fairweather sued each other in 2002 and the two companies have been arguing about it ever since. However, they recently reached a settlement whereby Target acquired the naming and branding rights associated with the term "Target." Neither company announced the terms of the deal, but it's safe to say that Fairweather did not give Target any of the discounts that Target is famous for giving consumers on things like light bulbs and cereal. Intellectual property privileges can be expensive, but most companies (like Target) would probably say they are worth it.

Source: Bloomberg BusinessWeek, "Target Announces Agreement for Naming, Branding Rights in Canada," Victoria Slind-Flor, Feb. 1, 2012