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Target Canada Co. was a short-lived Canadian subsidiary of the Target Corporation, the eighth-largest retailer in the United States.Formerly headquartered in Mississauga, Ontario, the subsidiary formed with the acquisition of Zellers store leases from the Hudson's Bay Company (HBC) in January 2011.
Aeropostale Canada – subsidiary of the United States-based retailer Aeropostale, closed all 41 stores in Canada in 2016; A&A Records – founded in Toronto at the end of WWII, it was the dominant record chain store in Canada until being superseded by Sam the Record Man in the 1960s; it became defunct in 1993
Target Canada racked up losses of $2.1 billion in its short life, and the store's botched expansion was characterized by the Canadian and US media as a "spectacular failure", [59] "an unmitigated disaster", [60] [61] and "a gold standard case study in what retailers should not do when they enter a new market". [62]
Throughout the 21st century, retail businesses in Canada have felt the pressures of foreign store expansions into the country, as well as a shift towards online retail. As a result, closures have been a mix of stores unique to the nation, as well as newcomers like Target Canada.
It was formed in 2013 when Target acquired Zellers leases and converted them into Target stores. Target Canada was in operation for two years until the closure of all stores in 2015. [46] The retail chain racked up losses of $2.1 billion in its brief lifespan, and the Canadian news media termed Target's foray into Canada as a "spectacular ...
In turn, Target announced its intention to convert many of them to Canadian locations of Target, and re-sell the remainder to other parties such as Walmart Canada, resulting in their liquidation and eventual closure. While HBC initially retained 64 Zellers locations, it announced on July 26, 2012, that all of them would be liquidated and closed ...
This story might explain why the sales of Target Canada's remaining stores are proceeding very slowly. I suspect that a lot of smaller retailers will take the rest of the 67 Target stores--on which bids were placed--such as Loblaws, Sears Canada, and perhaps Lowes Canada or Metro Inc.. Not many retailers can take 100,000 sf stores.
His tenure as CEO of Target also included a disastrous expansion of Target into Canada in which the company lost $2 billion in two years. On top of the cost burden from buying out 220 leases of discount retailer chain Zellers , the expansion was plagued by flawed execution, including inventory and restocking problems, poor locations and higher ...