Target today has announced that it will be exiting the Canadian market. The 133 stores across the country will be closed. The giant retailer has been struggling in Canada ever since its arrival 22 months ago. In 2013, it suffered almost $1 billion in losses. They’ve tried to make some commitments and some changes back in Summer 2014. But in the end, it didn’t work out. Supply chain management, high prices and products that are not comparable to its US stores are some of the reasons for its failure. Target Canada employees will receive a minimum of 16 weeks of compensation from the Employee Trust.
Target Canada stores are expected to be open for another 16-20 weeks during the liquidation process. Keep an eye out at your local Target store as there will probably be clearances (including LEGO) happening soon. For more information, please visit the Target.ca website.
Wal-Mart Canada is definitely going to be happy with the news. Though, for Canadians, that means one less place to shop. No more Zellers or Target. What will replace them?