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Thread: Target Stores closes all Canadian outlets.

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    Target Stores closes all Canadian outlets.

    Less than two years after their much-trumpeted grand incursion into Canada, Target is tucking it's tail between it's legs and closing all 133 outlets, abandoning 17,600 employees.

    Target closes all 133 stores in Canada, gets creditor protection - Business - CBC News

    '"After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021," the U.S. parent company's CEO Brian Cornell said in a release Thursday, explaining the justification for the shutdown.'

    They've also applied for and been granted protection from their creditors. This must be one of the most dismal failures by a retail company in recent memory.
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    Re: Target Stores closes all Canadian outlets.

    I was going to say Walmart's $1 Billion dollar failure in Germany still seems to take the prize, but seeing how Target figured out a way to lose $1 Billion in just one year, $1.5 Billion in total, seems to be the best fail yet.
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    Re: Target Stores closes all Canadian outlets.

    Quote Originally Posted by OrphanSlug View Post
    I was going to say Walmart's $1 Billion dollar failure in Germany still seems to take the prize, but seeing how Target figured out a way to lose $1 Billion in just one year, $1.5 Billion in total, seems to be the best fail yet.
    JC Penny's will probably fail in the next year or so, so you have something bigger to look forward to.

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    Re: Target Stores closes all Canadian outlets.

    It really is hard to break into new markets. In Michigan, Target and Walmart struggle due to the per-eminance of a chain called Meijers, which is essentially a cleaner Wallmart, and the best of the "hypermarket" type stores and one of the creators of the concept. And yet outside of Michigan they are barely known of. They simply cannot break into the markets of states outside of that region and attempts to do so have failed.
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    Re: Target Stores closes all Canadian outlets.

    Quote Originally Posted by Redress View Post
    It really is hard to break into new markets. In Michigan, Target and Walmart struggle due to the per-eminance of a chain called Meijers, which is essentially a cleaner Wallmart, and the best of the "hypermarket" type stores and one of the creators of the concept. And yet outside of Michigan they are barely known of. They simply cannot break into the markets of states outside of that region and attempts to do so have failed.
    Walmart isn't doing too well in Canada either and that is apparently because we do not like the one-stop shop kind of stores like Walmart or Target.

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    Re: Target Stores closes all Canadian outlets.

    Quote Originally Posted by Redress View Post
    It really is hard to break into new markets. In Michigan, Target and Walmart struggle due to the per-eminance of a chain called Meijers, which is essentially a cleaner Wallmart, and the best of the "hypermarket" type stores and one of the creators of the concept. And yet outside of Michigan they are barely known of. They simply cannot break into the markets of states outside of that region and attempts to do so have failed.
    Often it is down to arrogance and not scouting the market. I have read about Targets problems and they are as clear as day. Open up a 20+ stores at once.. mistake nr. 1. Many of these stores are within driving distance of the US border. Mistake nr 2. And the price you goods higher than the US stores... biggest mistake and mistake nr 3.

    Why go to the Canadian target when you can head over the border and pay less?
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    Re: Target Stores closes all Canadian outlets.

    Quote Originally Posted by Grand Mal View Post
    Less than two years after their much-trumpeted grand incursion into Canada, Target is tucking it's tail between it's legs and closing all 133 outlets, abandoning 17,600 employees.

    Target closes all 133 stores in Canada, gets creditor protection - Business - CBC News

    '"After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021," the U.S. parent company's CEO Brian Cornell said in a release Thursday, explaining the justification for the shutdown.'

    They've also applied for and been granted protection from their creditors. This must be one of the most dismal failures by a retail company in recent memory.
    abandoning 17,600 employees

    Interesting point of view.

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    Re: Target Stores closes all Canadian outlets.

    "In a release early Thursday, the U.S. retail chain said it will close all its locations in Canada. There are 133 stores across the country with about 17,600 employees.

    The company launched in Canada in March 2013, not quite two years ago."
    Seriously? They opened 133 stories before they knew whether or not just ONE store would be sustainable? That is arrogant - and stupid. You can't do that for any business concept. You must see if there's a market. If there isn't, you are then selling to a market that doesn't exist!
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    Re: Target Stores closes all Canadian outlets.

    Quote Originally Posted by Mason66 View Post
    abandoning 17,600 employees

    Interesting point of view.
    Maybe a little strong, but they are packing up and going back south, leaving vacant buildings and unemployed people. I know, it's retail and they don't create a single job and most of those people will be needed in the places that get the business they were getting but it all seems kinda, what's the word, imperialistic? Someone here called them 'arrogant'- does that word work?
    I wonder if the creditors they're protected from include contractors like janitorial or security companies.
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    Re: Target Stores closes all Canadian outlets.

    Quote Originally Posted by Grand Mal View Post
    Maybe a little strong, but they are packing up and going back south, leaving vacant buildings and unemployed people. I know, it's retail and they don't create a single job and most of those people will be needed in the places that get the business they were getting but it all seems kinda, what's the word, imperialistic? Someone here called them 'arrogant'- does that word work?
    I wonder if the creditors they're protected from include contractors like janitorial or security companies.
    A lot of people made a lot of money there in Canada from this deal. The builders and sign makers and everybody else that was involved with setting up the stores.

    I don't know why they didn't stay, but it was not a total loss for the region.

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