Last September 14th I noticed empty store shelves at Target and posted this on Twitter:
— Larry Borsato (@lborsato) September 10, 2014
Today I saw this on MarketWatch:
Target to exit Canada
Published: Jan 15, 2015 8:30 a.m. ET
NEW YORK (MarketWatch) — Target Corp. TGT, +2.89% said on Thursday it’s exiting its money-losing Canada business as it doesn’t see the region getting to profitability until at least 2021. The company, which opened its first Canadian store only in 2013, said it has 133 stores there, employing 17,600 people. The company expects to report about $5.4 billion of pre-tax losses for Target Canada in the fourth quarter to write down the investment.
All I can think of is that they didn’t think through the who expansion very clearly, but I also know that this will leave a large whole in may shopping areas. Either way it is unfortunate.