It is safe to say that many Canadians know the story surrounding Target Canada. The giant US retailer first opened its doors in Guelph, Fergus and Milton Ontario in 2013 with 130 additional stores opening across the country over the next yearsoon after. Targets pricing strategy was set to reflect competitively within “the marketplace” to deter Canadians from crossing the border for their shopping needs. Unfortunately however, Target did not do as well as had been predicted and within two years the retail chain was forced to pull out of the Canadian market. The total loss to the company: $1.9 billion dollars.
They were here and then…they were gone. Targets two year project.
The last Canadian Target location closed on April 12th, 2015 and since then the race has been on to sell the leases to the highest bid. Well-known retailers including Wal-Mart, Canadian Tire and Lowe’s have announced they have acquired 38 of Targets existing outlet spaces. 55 locations have been returned to landlords and approximately 12 were purchased by the landlords. This leaves about 28 stores unaccounted for.
Sitings Realty has created a “Target Canada; Store Closure Map” that identifies previously leased Target locations as well as Target retail space that has been taken over by both Wal-Mart and Canadian Tire. Sitings will monitor the market and update this Map as more retailers continue to lease the available spaces.