Headlines

Target Business is Chilly in Canada

Retailer reports major Q3 losses north of the border

Published

11 years ago

November 22, 2013

steve kaufman

Target Corp. (Minneapolis) blamed losses in its new Canadian venture after posting lower-than-expected profits in the third quarter ending Nov. 2, 2013.

The Canadian unit posted a $238 million loss, based on $333 million in sales.

Bloomberg News reported that Target has failed to provide Canadians with the bargains they were expecting; local retailers have cut prices to make Target’s entry less appealing to Canadian shoppers; and Canadians aren’t going to Target for basics such as food and medicines the way U.S. shoppers do.

Target also blamed the growing pains of expanding from zero to 124 Canadian stores this year, 23 in the third quarter alone.

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