The retail world was rocked Thursday morning by the blockbuster news that Target has had enough with Canada.
The U.S. retail giant announced it’s closing its 133 stores here, barely two years after opening them after renovating the tired old Zellers stores.
Sadly, Target just couldn’t make a go of it in the great white north and to read its press release, the closures will happen as soon as possible as the company enters bankruptcy protection for its Canadian operations.
The reasons could be numerous but if you operate a stellar chain in your home country that draws Canadians to cross the line, you’d better do the same here. For whatever reason, Target couldn’t do that and shoppers voted with their feet.
It’s too bad because the company could have been a worthy presence on the retail scene. It’s care for its employees is one sign of that. While it’s in the process of closing, Target is ensuring employees who aren’t needed for the wind-down, get at least 16 weeks salary severance. The offer is a humanitarian one that shows the company’s heart is in the right place. It’s too bad the cash flow wasn’t.
With the closure, 133 prime retail anchor spots, such as Haney Place Mall in Maple Ridge, are now open. Will they sit empty or will the shiny new buildings be scooped up, possibly by another retail giant?
Does Wal-Mart move in to downtown Maple Ridge and end the debate about Albion flats?
Stay tuned, the retail world is still rocking.