Target's Bounce Back
One of the stories everyone's talking about is how Target Canada took a $941M loss in 2013 undertaking its 150-store Canadian roll-out, with 18 currently in B.C. (People love to gossip.) President Tony Fisher tells us the retailer's next steps.
Some of the reasons for that are now well spelled out—namely Canadian shoppers’ dissatisfaction with the shortage of product variety that they see when travelling to the US to shop at Target stores there tops the list. (Also, why can't that dog be at all the stores?) One thing a number of retail analysts have told us: Target is strong enough to sustain the setback and reset in Canada. Tony says the year has been challenging, but the company has learned a tremendous amount.
Above is Target's Emerging Designer Awards. Tony says there is definitely a place for the Target brand to be successful in Canada. It's certainly been an education in regards to the consumer, communications, and enhanced guest awareness, he says, particularly with regards to the assortment of products and competitive prices across grocery, commodities, and beauty categories. "Our goal was to bring the true US Target experience to Canada," he says, and with this increased awareness, he expects customer shopping frequency will increase in 2014.
The means rapid improvements in sales and profitability, says Tony, snapped here with actress Blake Lively at the opening of a Toronto location. (Also, why can't Blake Lively be at all the stores?) Target Canada’s plan is to have 150 stores in Canada by 2017.