It’s no secret that Target has been struggling with their expansion into Canada. Just a couple of months ago, we reported that despite fact that Target was number 2 on Interbrand’s Top Retail Brands of 2014 list, the American based retail giant had lost almost 1 billion dollars on their move to Canada.
Target Corp. CEO, Gregg Steinhafel, abruptly resigning after a huge data-breach that took place five months ago, which resulted in the theft of at least 40 million payment card numbers and 70 million other pieces of customer data, has raised a lot of questions about the fate of Target’s Canadian operations. Yesterday,the Globe and Mail reported that the industry is buzzing with rumours that Target could be closing if they don’t step up their game within the next couple of years. Analysts are conceiving that Target over ambitiously launched – with 124 stores in 10 months – too soon, underestimating its Canadian competitors.
Nothing is official, but if we start to see Target locations shutting down – we won’t be surprised.
Do you think it’s possible that Target could be closing?