Yesterday a giant bomb dropped on the retail world – Target announced that after only 2-years, they would be closing all 133 of their Canadian locations and departing Canada for good. The news is especially disappointing for for those closely involved with the company and it looks like current Target landlords are anxiously looking for retailers to take over the large locations. One of the retailers these landlords are looking to? The Ottawa-based discount retailer, Giant Tiger.
“They’re worried about their position and trying to mitigate it as much as possible,” Giant Tiger president and chief operating officer Greg Farrell told the Ottawa Citizen. “It may be an opportunity for us in a number of those locations.” The Canadian budget goods specialist has been in the retail game for over 50-years and currently has 206 locations, with 13 more in development. When Zellers departed Canada, Giant Tiger took over small portions of former stores that Target rejected. Farrell says Giant Tiger can foresee a a future in current Target locations, but that they are looking to stick with their “smaller-is-better” strategy, meaning they don’t have plans to fill the entire 15 million square feet that Target will leave empty after their departure.