Target’s Canadian experiment has failed.
The U.S. retail giant announced Thursday morning that it is closing all Target stores in Canada, including the outlet at Vernon’s Village Green Centre.
“After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021. Personally, this was a very difficult decision, but it was the right decision for our company,” said Brian Cornell, Target Corporation chairman, in a release.
Target Canada currently has 133 stores across Canada and employs about 17,600 people.
“The Target Canada team has worked tirelessly to improve the fundamentals, fix operations and build a deeper relationship with our guests. We hoped that these efforts in Canada would lead to a successful holiday season, but we did not see the required step-change in our holiday performance,” said Cornell.
“There is no doubt that the next several weeks will be difficult, but we will make every effort to handle our exit in an appropriate and orderly way.”
Target Canada opened in the former 103,000-square-foot Zellers location at the Village Green Centre in May 2013.
Look for more in Friday’s Morning Star.