Last week, Target simply handed 55 of its leases back to landlords. Then, Walmart and Canadian Tire agreed to pick up 12 leases each, with the former agreeing to also pick up one of Target's corporate-owned buildings.
It's a good effort on their part, but it seems to us that it still falls just a bit short of the bullseye - seeing as Target announced its departure from Canada with 134 leases to unload. According to Global News, although Loblaws has now announced some interest in a few of the company's former locations, observers were told in a call not to expect "meaningful news" regarding the matter. Encouraging, yes?
Sorry - not interested
Not quite. But perhaps a few recent findings might explain the lack of interest. For instance, Canadians are increasingly spending more of their hard-earned cash on e-commerce platforms, while brick-and-mortar consumers are gravitating towards neighbourhoods that are better suited for boutiques and smaller storefronts.
And if that's not enough - the economy isn't exactly favourable toward retailers as of late, making expansion ever more unlikely.
If there's one thing to be learned from Target's major flop this year, it's that bigger is certainly not always better.